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Friday, 01 May 2015 16:57

ADAC Automotive acquires India company through industry alliance

Written by  MiBiz Staff
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Grand Rapids-based ADAC Automotive announced its acquisition of an international automotive supplier through its Vehicle Access Systems Technology LLC (VAST) alliance.

The manufacturer of exterior and interior door handles purchased a 50 percent stake in Pune, India-based Minda-Valeo Security Systems, formerly a joint venture between Spark Minda, Ashok Minda Group and Valeo Security Systems of France, according to a statement released Thursday.

The new company will be renamed Minda-VAST Access Systems and will remain a subsidiary of both New Delhi, India-based Minda Corporation Limited and Spark Minda, Ashok Minda Group. The terms of the deal were not disclosed.

By becoming a partner with Minda, ADAC and VAST will gain access to strategic markets in India and the surrounding regions. Minda-VAST produces security and access products, door handles and latches for OEM and aftermarket customers. The company has grown annual sales to over $40 million according to the statement.

VAST includes two additional partners beyond ADAC: Germany-based WITTE Automotive and Milwaukee-based Strattec Security Corp.

Read 2472 times Last modified on Thursday, 07 May 2015 10:52

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