BSE-listed Samvardhana Motherson Automotive Systems Group has acquired the assets of Alabama-based Bolta US Ltd.
The acquisition has been done through its subsidiary SMP Automotive Systems Alabama Inc., USA.
SMP Alabama has purchased $35.7 million worth of Bolta’s fixed assets (including $31.8 million of tangible assets and $3.9 million of the intangible assets) and $4.7 million of its inventory for $16.002 million, free and clear from all liens.
Bolta is the only approved chrome part supplier to a leading German OEM in the US.
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“This asset acquisition enables us to vertically integrate our SMP Alabama operations and foray into manufacture and sales of chrome-plated polymer parts. This will also strengthen our position in the automotive decorative parts market in the US region. SMP has bought this asset at the behest of customers and believes that with focused efforts and continued support from our customers, we will drive significant efficiencies,” the company said in a stock exchange filing
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