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Updated: July 14, 2011 01:03 IST

Motherson Sumi to buy German firm

Sandeep Joshi
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Auto component-maker Motherson Sumi Systems on Wednesday said it would acquire 80 per cent in German firm Peguform Group from Cross Industries, which will continue to hold 20 per cent shareholding in the company.

The acquisition will be carried out jointly with group firm Samvardhana Motherson Finance. The deal is likely to be closed by September-October.

Peguform is a full service supplier of differentiated high quality interior and exterior products for automotive and related industries. Peguform has a strong presence in Europe, supplying to major premium German brands. Cross Industries is an Austrian industrial holding company with a strategic and operative focus on the automotive sector.

The acquisition would be carried out through a special purpose vehicle in which Motherson Sumi will hold 51 per cent and Samvardhana Motherson Finance the balance 49 per cent, it said. “This (the acquisition) would also include 50 per cent holding in Wethje Carbon Composite, which is a part of Cross Industries,” it added.

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