Ashok Minda Group acquires Germany’s Aksys Koengen
By IANSTuesday, October 5, 2010
NEW DELHI - Automobile components manufacturer Minda Group Tuesday acquired Aksys Koengen of Germany through an asset deal as part of a plan to consolidate its position in the global auto component industry.
The company has been rechristened as Minda Schenk Plastic Solution GmbH Plant Koengen.
According to Group Chairman Ashok Minda, the acquisition of Aksys Koengen is a major step in the company’s strategy to consolidate its position in the global auto component industry.
“Aksys technical leadership and Minda’s management competence and presence in Europe and India will offer tremendous advantage to our existing and new customers in Europe and Worldwide,” said Ashok Minda.
The group targets to achieve a turnover of Rs.2,500 crore in 2010-11. It is also aiming at top line revenue of around Rs.6,000 crore by the end of 2013-14.
With this acquisition, the group completes its fourth major acquisition by the group in Germany and the sixth 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 and ALU automotive in Germany, a subsidiary of Schenk in the Czech Republic and Tectro in Poland.
