Sintex France SAS, a downstream subsidiary of Sintex Holdings BV, Netherlands (Sintex Offshore Holdings) has acquired 100% shareholding of Nief Plastics SA, France (Nief). Sintex Offshore Holdings is a wholly-owned subsidiary of Sintex Industries. The deal has been finalised as a cash transaction of euro 30.70 million (equity value).According to a release issued by Sintex to the BSE today, Nief Plastics manufactures a wide range of exterior and interior plastic component systems and thermosets. The products are widely used not only in the electrical, automotive, and aerospace sectors, but also in household appliances, building industry, sports / leisure as well as the finished products market. Amit Patel, managing director, Sintex, said: "This acquisition represents a continuation of Sintex' aggressive inorganic growth programme for the plastics division. Through these acquisitions, we have been able to widen our international footprint having gained access to new markets and technologies."The acquisition of Nief Plastics has enabled us to establish ourselves as global players in the international plastic component and composite markets. Nief Plastics is a consistently performing high growth company, with a portfolio of established products that have tremendous potential, catering to leading manufacturers in European and African markets. This transaction would also enable us to gain access to new and credible high quality injection molding and bhinsertion technologies, which could be implemented at lower costs in India as well, enabling us to move up the value chain."
