 "Motherson Sumi gains on acquisition plan of Germany's Scherer & Trier")
Shares in Motherson Sumi Systems were trading higher by 3% at Rs 417 on BSE in otherwise weak market after the company said that it is acquiring assets of Scherer & Trier group, Germany at around Euro 36 million (approx Rs 284 crore).
Samvardhana Motherson Automotive Systems Group BV, Netherlands (SMRP BV), the subsidiary and joint venture with Samvardhana Motherson International Ltd, has signed an agreement for purchase of the assets of S&T that includes two manufacturing facilities situated at Michelau (Germany) and Puebla, (Mexico).
Scherer & Trier manufactures parts for companies like Audi, BMW, Daimler, Ford, General Motors and Volkswagen and has a current turnover of Euro 240 million, according to the statement.
The stock opened at Rs 410 and touched a high of Rs 420 in early morning trade on BSE. Till 0926 hours, a combined 388,230 shares changed hands on the counter on NSE and BSE.
Samvardhana Motherson Automotive Systems Group BV, Netherlands (SMRP BV), the subsidiary and joint venture with Samvardhana Motherson International Ltd, has signed an agreement for purchase of the assets of S&T that includes two manufacturing facilities situated at Michelau (Germany) and Puebla, (Mexico).
Scherer & Trier manufactures parts for companies like Audi, BMW, Daimler, Ford, General Motors and Volkswagen and has a current turnover of Euro 240 million, according to the statement.
The stock opened at Rs 410 and touched a high of Rs 420 in early morning trade on BSE. Till 0926 hours, a combined 388,230 shares changed hands on the counter on NSE and BSE.