Minda Industries has entered into a share purchase agreement with PMAn Domestic AG, Germany, a company affiliated to Quantum Kapital AG Switzerland, to acquire 100% shares of Carton Horn S.A.U Spain.
The company, Clarton Horn is a leading manufacturer of automotive electronic horns supplying to all major OEMs in Europe. Clarton Horn has manufacturing plant in La Caroline, Spain and Sales office in Germany and France. The annual turnover of clarton Horn for 2012 was Euro 38 million. After the acquisition from Robert Bosch GmbH in 2008 by Quantum, the company underwent a successful turnaround with the support of the Quantum management team and has become the world‘s second largest manufacturer of automotive horns.
The transaction has been unanimously approved by the Board of Directors at its meeting held on February 8, 2013. The transaction value is at Euro 7.2 million approximately which will be financed through debt and internal accruals. The transaction is targeted to be completed by the end of Feb 2013.
