Sintex Industries (Kalol / India; www.sintex-plastics.com) is continuing its acquisitive strategy with the purchase of a 90% stake in German auto component maker Geiger technik (Garmisch-Partenkirchen; www.geigertechnik.de) for EUR 35.6m. Family-owned Geiger, which has been undergoing a restructuring programme to stem continuing losses, was reported to be in talks with potential investors in June – see Plasteurope.com of 25.06.2008. The family will retain 10% of the business.

The acquisition has been funded from the proceeds of an overseas bond issue raised by Sintex earlier this year – see Plasteurope.com of 14.01.2008. Sintex managing director Amit Patel said: “This acquisition offers Sintex market entry in Germany, which is the capital of the European automotive market. We now have presence in both France and Germany, which are very crucial OEM bases.”

Sintex group president Sunil Kanojia told the business news TV network CNBC that the company hopes to complete the acquisition by December 2008. Sintex expects Geiger’s 2008 sales to be EUR 118.7m with an operating profit of EUR 8.9m.

Geiger regards itself as the market and technology leader in coolant lines manufactured using gas and water injection technology. Its portfolio also includes injection moulded tanks for coolants, brake fluids, water and oil, as well as air ducts for vehicle interiors and for raw, filtered and charge air. It operates three plants in Germany and one in Poland. Major clients include BMW, Daimler, Volkswagen and Siemens.