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New Delhi based, Amtek Auto Ltd has agreed to purchase Neumayer Tekfor (NTG), a German headquartered international automotive supply group.
NTG entered financial protective arrangements under German law five months ago in the face of a severe demand downturn particularly from Southern Europe.
A statement by NTG says that the corporate strategy envisages all its sites continuing to operate, adding there are no plans for a reduction in headcount. NTG produces engine, transmission and chassis components as well as fasteners. NTG revenue in 2012 was around 500 million euros.
"Five months after initiating protective shield proceedings, we have already achieved our key objectives. Besides maintaining the Group and individual sites, we have also ensured the best possible creditor satisfaction. This transaction is not only better for the creditors than any of the other restructuring options on the table, it is also the best solution for all concerned," emphasised restructuring expert Joachim Exner and Dr Jan Markus Plathner, the custodian appointed by Offenburg Local Court.
The projected revenue post merger is US$2 billion (1.5 billion euros) from more than fifty production sites in Asia, Europe and both North and South America. Amtek has 43 domestic and international plants involved in forging, iron and aluminium casting, metalworking and assembly technology. Amtek was founded by the Dham family, which continues to be anchor shareholders. The Group is listed on the National Stock Exchange of India and the Bombay Stock Exchange.
The deal is expected to conclude during May.