Samvardhana Motherson International Ltd, a manufacturer of automotive components, announced on Monday that it would buy the assets and stock of the Dr Schneider Group companies in Germany for an estimated total enterprise value of 118.3 million euros.

The company announced in a regulatory filing that it has entered into an agreement to purchase assets and shares of the Dr Schneider Group entities from the insolvency administrator, Dr Joachim Exner, through its wholly-owned arm Samvardhana Motherson Automotive Systems Group BV (SMRPBV).

The Dr Schneider Group is a producer of high-end, cutting-edge, and integrated electronic interior polymer systems, including lighting modules and smart surfaces. It is a market leader in air vent technology, decorative interior polymer components with lights, and premium car market share. It further stated that it employs about 4,500 employees in seven facilities spread across five nations (Germany, Spain, Poland, USA, and China).

According to the corporation, the cost of the acquisition is being carried out at an overall enterprise value of about 118.3 million euros, subject to some routine actualizations and modifications.