Earlier this month, the United States Bankruptcy Court had authorized the sale of assets of Bolta US Ltd., USA (“Seller”), to SMP Automotive Systems Alabama Inc., USA (“SMP Alabama”), an indirect subsidiary of Samvardhana Motherson International Limited (“Company”).
The Company has now completed the transaction.
Bolta US manufactures chrome plated exterior and interior polymer components for automotive applications. It is the only approved chrome part supplier to a leading German OEM in the USA, customer consists of German OEMs and other Tier 1 suppliers. The turnover of the company for CY 2022 (fiscal year same as calendar year) was estimated to be USD ~58.8 million.
SMP Alabama has purchased USD ~35.7 million of fixed assets (including USD 31.8 million of tangible assets and USD 3.9 million of intangible assets) and USD ~4.7 million of Inventory for for a cash consideration of USD 16.002 million, free and clear from all liens.
These asset acquisition will enable the Company to vertically integrate its operations and foray into manufacturing and sales of chrome plated polymer parts. This will also be strengthen its position in the automotive decorative parts market in the US region.
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