Ashok Minda Group acquires German company

The Group has acquired 100 percent of Aksys, plant Koengen and rechristened it as Minda Schenk Plastic Solutions GmbH, Plant Koengen. This is the fourth major acquisition by the Group in Germany its sixth in Europe. Over the past few years, the Ashok Minda Group has acquired German auto component company KTSN, which is engaged 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 Aksys, the Group further strengthens its presence in product portfolio in the European automotive component market. Aksys Koengen has a suite of special technologies for composites which include Sheet Mould Compounding, Glass Long Fibre, Glass Mat Thermoplastics, Injected Mould Compounding. These technologies are not available in India and the company plans to offer them to its Indian customers. Aksys, Koengen has around 200 employees and a turnover of 40 million Euros (Rs 240 crore). 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 sector.”