Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has announced the acquisition of a majority stake in Plast Met Plastik Metal San. İmalatveTic.A.Ş.(PM-Bursa) and Plast Met Kalıp San.veTic.A.Ş.(PM-Istanbul) together known as Plast Met group (Turkey) through its subsidiary Samvardhana Motherson Reflectec (SMR).

SMR will acquire 75% stake and thus will enter into a partnership with the founder of Plast Met. The deal includes two companies of Plast Met group engaged in manufacturing of injection moulded parts, sub-assemblies for mirrors, trim modules and lighting systems. The companies reported combined revenues of Euro 33mn in 2019 and Euro 28mn (estimated) in 2020.

Erol Senol, the founder of Plast Met will retain 25% stake in the companies and will continue to drive further business growth as a partner with SMR.

This acquisition will mark SMR and Motherson group’s entry into Turkey. Turkey is a strategic growth market for the Motherson group, with annual passenger vehicle production of 1.4 mn units and a long-term growth potential.

Commenting on the deal, Vivek Chaand Sehgal, Chairman, Motherson Group said, “This acquisition marks another step towards the growth and diversification of Vision Systems vertical and the group overall. This is the 25th acquisition by Motherson Group and we will continue to work towards serving our customers with more products and service offerings globally. Turkey will be the 42nd country in Motherson’s global operations, which is in line with our philosophy of 3CX10.”

Erol Senol, Founder, Plast Met group said, “I am delighted with the strategic partnership between Plast Met and Motherson. Both companies are aligned in their business objectives and philosophy. Together with the global know-how of Motherson Group and local expertise of Plast Met group, I am confident that the alliance will enhance value to our customers.”