Motherson completes acquisition of Alabama-based plastics supplier Bolta US
This development serves as an update to Motherson Group's prior notification on March 27, 2023, informing the Stock Exchange of its bid to purchase Bolta US, which was actively seeking a buyout after filing for bankruptcy.
Noida- Motherson Group., an Indian Tier-1 automotive company, has successfully acquired Bolta US, a US-based automotive plastics supplier located in Alabama. Motherson Group's acquisition was possible after Bolta US received authorization from the United States Bankruptcy Court, allowing for the sale of all its assets.
The acquisition was executed by Motherson Group's subsidiary, SMP Automotive Systems Alabama, and was free and clear of any liens. This development serves as an update to Motherson Group's prior notification on March 27, 2023, informing the Stock Exchange of its bid to purchase Bolta US, which was actively seeking a buyout after filing for bankruptcy.
Through SMP Alabama, Motherson Group has acquired fixed assets worth US$35.7 million (Rs 293.5 crore), which includes tangible assets valued at US$31.8 million (Rs 261.4 crore) and intangible assets worth US$3.9 million (Rs 32.1 crore) of Bolta US. The acquisition also includes the transfer of Bolta's inventory assets valued at US$4.7 million (Rs 38.6 crore) for US$16.002 million (Rs 131.5 crore).
Bolta US is a manufacturer and supplier of plastic injection-molded components to Original Equipment Manufacturers (OEMs) such as Volkswagen, Audi, Mercedes-Benz, and Volvo. Motherson's acquisition of Bolta through SMP Alabama or Samvardhana Motherson Peguform is a strategic move that aligns with SMP's larger business goals of expanding into the US market and diversifying its offerings with chrome-plated parts through Bolta's integration.
