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.