Sintex Industries Ltd, the market in the plastic and textiles segment, has acquired 90 per cent stake in Geiger Technik GmbH (Garmisch - Partenkirchen, Germany), a privately owned company, at a total consideration of Euro 35.6 million.
The acquisition was concluded through Sintex’s wholly owned subsidiary Sintex Holdings B V, Netherlands. Geiger family, however, will continue to hold 10 per cent stake in the company.
The acquisition will assist the company to further enhance its presence in the European market.
Established in 1960 Geiger is a family owned SME and over the past four decades, created state of the art technological capabilities and cultivated a base of important and regular customers in the automotive industry. The company currently has four manufacturing plants: two in Bavarian region, one in Tambach in eastern Germany and one in Poland.
It is an expert in injection moulding using gas and water injection with layer/multilayer extrusion blow moulding processes and latest joining and welding, assembly, clean room production and material technologies.
Geiger produces 30 different sophisticated precision plastic parts eg tanks and reservoirs, piping, air ducts, cooling and fuel tank components. The company products enable automotive OEMs to realise weight, cost and efficiencies advantages. The parts meet with stringent quality control and required to function mainly in tough conditions of temperature, pressure vibrations.
Major chunk of Geiger sales comes from automotives and remaining from heating and climate technology products and sports and leisure like high speed race sleighs. The company serves some of the best of automotive and tier I automotive suppliers like BMW, VW, Dailmer, Audi, Porsche Opel, Modine, Continental, Lear, TRW, Bosch and Siemens. About 67 per cent of its turnover comes from Tier I and 37 per cent from automotive OEMs.