Samvardhana Motherson snaps two-day losing streak on Rs 65 crore deal to acquire French firm

France-based Cirma Entreprise SAS is into aerospace, shipbuilding and allied industries.

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Shares of Samvardhana Motherson International regained footing on June 16, following two days of losses, after the auto components major said its arm will acquire French entity Cirma Entreprise SAS at an enterprise value of 7.2 million euros (nearly Rs 65 crore).

Samvardhana Motherson was trading 0.49 percent up at Rs 82.56 at 9.50 am on BSE. It had tumbled over 1 percent in each of the previous two sessions.

In a post-market hours filing on June 15, the company said its arm Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has signed a binding undertaking to acquire 100 percent stake in Cirma Entreprise from Vinci Energies France. Cirma Entreprise is into aerospace, shipbuilding and allied industries.

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On the rationale behind the acquisition, the company said Motherson will “become Tier 1 to Aerospace OEM (Original Equipment Manufacturer)” and proximity to OEM would open further avenues for growth.

Also, it will help in diversification to electrical wiring and interconnect systems (EWIS) for aerospace, shipbuilding and other allied industries from an existing portfolio of aero structure components, machining, etc.

The acquisition is also aligned with the growth strategy and synergistic with the existing wiring harness capabilities of Motherson, and this transaction will also help the company gain access to the shipbuilding and allied industries, the filing said.

Cirma Entreprise clocked a turnover of 11.41 million euros in the calendar year 2022. The transaction will be presented to the employees’ representatives’ body of Cirma Entreprise, and once agreed by Vinci Energies France, will be subject to customary closing conditions, the company said.

Also Read: Samvardhana Motherson Q4: Revenues jump 30%; Margins 170 bps higher

Last month, Samvardhana Motherson reported strong performance in the fourth quarter of financial year 2022-23. Revenues grew 30 percent year-on-year (YoY) to Rs 22,476 crore versus Rs 17,241 crore in the same quarter of last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) is 60 percent higher at Rs 2,021 crore, while EBITDA margins improved 170 bps to 9 percent. The net profits from continuing operations jumped to Rs 699 crore from Rs 130 crore in the corresponding quarter of last year.

Shares of the company are up 9 percent on year-to-date (YTD) basis, while the 1-year return stands at 5.6 percent.

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