Motherson Sumi Systems has signed an agreement with insolvency administrator to acquire a running plastics injection molding company, G+S Kunststofftechnik Gmbh (G+S) located near Stuttgart in Germany. According to a release issued by Motherson Sumi to the BSE, acquisition of shares would be through its wholly owned subsidiary in Germany, MSSL GmbH, and G+S, as a result, would become subsidiary of the company.G+S manufactures and assembles plastic injection molding components for the Tier-1 suppliers catering to major automobile manufacturers in Europe. The company has an existing turnover of approximately Euro 9 million per annum and also manufactures special 2k plastic components, the release said.The settlement with the insolvency administrator envisages an investment of Euro 2 millions towards equity and payment to its creditors, spread over a period of 3 years, the release further added.
