Ashok Minda Group acquires Aksys, plant Koengen

NEW DELHI: Noida-based auto component major, Ashok Minda Group has announced the completion of acquisition of Aksys Koengen in Germany. Aksys Koengen is one of Germany’s leading specialist composite moulding manufacturer and one of the major supplier of components to Daimler, VW Group, Renault, PSA, GM etc. The Group has acquired 100 pc of Aksys, plant Koengen through an asset deal & the Company has now been rechristened as Minda Schenk Plastic Solutions GmbH, Plant Koengen. It is to be mentioned that Aksys Koengen is having the following special technologies for composites: sheet mould compounding, glass long fibre, glass mat thermoplastics, injected mould compounding. These technologies are not presently available in India and we plan to offer these technologies to customers in India. The company has many patented technologies, which enables the production at a lower cost and customized than previously possible. Aksys, Koengen has an employee strength of approx 200 & turnover of 40 million Euros (Rs. 240 crore). Commenting on the acquisition, Ashok Minda, chairman of the Ashok Minda Group said, “The acquisition of Aksys, Koengen is a major step in our strategy to become an important player and to consolidate our position in the Global Auto Component Industry. Aksys technical leadership & Minda’s management competence and presence in Europe & in India will offer tremendous advantage to our existing and new customers in Europe & Worldwide. This will also consolidate our Group’s presence in the European market. Our strategy is to position Ashok Minda Group as a major global player in the auto component business & towards this objective; we are looking for various strategic opportunities in other parts of the World.” “Minda Group has also recently set up an auto component plant in Uzbekistan. This unit will primarily cater to the customers in the CIS region & Russia. Our presence in Germany through KTSN and Schenk, now including Aksys, plant Koengen, will provide us access to the European market. We will leverage on these acquisitions and new projects to become a major supplier of interiors of the cars, which is going to be one of the focus area for Ashok Minda Group”, added Ashok Minda. Keeping in line with the Group’s overall strategy of expanding footprints in the global market, the ratio of international business is also expected to grow phenomenally in the coming years. The international business from its present level of 40 pc is expected to grow to approx 50 pc by 2013-14. This is the fourth major acquisition by the Group in Germany and the sixth acquisition in Europe. Over the last few years, Ashok Minda Group had acquired German auto component company KTSN, which also operates in the interior component business followed by Schenk & ALU Automotive in Germany, a subsidiary of Schenk in the Czech Republic and Tectro in Poland. With the acquisition of Aksys, the group further strengthens its presence in product portfolio & footprints in the European automotive component market. The group will leverage on this acquisition to offer a better value proposition to its customers.