Antolin has agreed to sell three Indian legal entities to Shriram Pistons & Rings for €159m, as part of the Spanish company’s ongoing efforts to strengthen their financial position. The transaction involves more than 1,500 employees who will join Shriram, a well-known Indian automotive parts manufacturer. The business being transferred has annual sales of around €110m.
The divested business entities specialize in the production of automotive interior components including headliners, interior trim parts, and lighting systems, among others. Antolin and Shriram have signed a long-term technology licence agreement to ensure smooth customer supply and maintain world-class quality up to to Antolin’s global standards. Following the sale, Antolin will continue to maintain their offices in Pune and Hyderabad as global development centres. The company will also continue to participate in their joint venture with Krishna Maruti.
Antolin CEO Cristina Blanco says her company is “executing a clear strategy: enhancing our financial stability and bolstering liquidity while focusing on the areas where our company can deliver the greatest value”.
The sale follows other initiatives put in place to strengthen Antolin’s balance sheet included in their divestment plan communicated to the market.
