M&M to acquire German forgings co
Mahindra & Mahindra (M&M) has said that it has agreed to acquire 90.47 per cent stake in German forging company Schoneweiss & Co GmbH of Germany for an undisclosed amount. The acquisition will be made through one of its subsidiaries.
Schoneweiss is one of the top five axle beam manufacturers in the world and specialises in suspension, power train and engine parts, said M&M in a statement to the stock exchanges on Friday.
M&M has already made acquisitions in this auto parts segment this year.
Early this year it acquired 98.6 per cent stake in Stokes Group, the largest automotive forgings company in the UK with customers such as Koyo Bearings, Land Rover, ZF, Bosch, Visteon, Ford and Jaguar.
In September this year M&M said that it would acquire through its subsidiary 67.9 per cent stake in Jeco Holding, one of the top five forging companies in Germany.
Jeco Holding is a 120-year-old company with primary focus on the truck, bus and trailer market.
Its major products are gearboxes, engine and axle parts, hubs, gears and piston heads.
The company has a forging capacity of one lakh tonnes annually and a turnover of 180 million euros.
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