Business sold to France based Plastic Omnium for 600 million euros
Aurangabad, April 29:
Aurangabad-based Varroc Engineering has signed an agreement to sell its four-wheeler lighting business to France based Compagnie Plastic Omnium SE for 600 million euros.
The company in a statement informed that Varroc wants to transform itself into a high-tech company and focus on the existing growth of electronics, connectivity, electrical vehicles (EVs) product lines and the 2-wheeler segment globally. Giving more information, chairman and managing director, Tarang Jain, said “Our immediate goal is to be future-ready with continued profitable growth in emerging sectors like the EV and high technology electronics. The divestment of our passenger car lighting operations in the Americas and Europe will be a rewarding deal for Varroc and Plastic Omnium. We plan for our next level of growth in the fastest-growing economies and auto sectors in the world.” After the exit from VLS, Varroc will be left with a domestic business that supplies polymer, electrical and electronic components to vehicle makers in India, primarily two-wheelers companies. As per the agreement, Varroc will be divesting its lighting System operations in the USA, Brazil, Mexico, Poland, Czech Republic, Germany, Turkey and Morocco.
About Plastic Omnium
Plastic Omnium is a leading player in the car modules space and intelligent exterior systems. It specialized in the manufacturing and commercialization of plastics. It makes smart face bumpers, tailgate and spoilers and lid modules for cars.