CIE Automotive announced today the acquisition of 100% of the share capital of Weidplas Brasil Indústria e Comércio De Plásticos, Ltda. (hereinafter, ‘Techniplas Brazil’), a Brazilian subsidiary of the Techniplas Group.
The enterprise value of the transaction amounts to around EUR 65 million – equivalent to around 5 times the current year’s EBITDA.
The price of the transaction will be paid in cash at closing and by means of cash currently available.
With around 600 employees and sales in 2024 of approximately 50 million euros, Techniplas Brazil has a plant in Piracicaba, in the state of São Paulo, and specialises in the manufacture of highly complex plastic components, including decorative parts and functional components, integrating injection, bi-injection or dual injection, painting and assembly processes.
According to Jesús María Herrera, CEO of CIE Automotive, “The integration of Techniplas Brazil not only strengthens our historical relationship with European and American OEMs and our more recent relationship with major Asian OEMs in the country, but also represents an important complement to our technology portfolio. And it is a project that also offers us the opportunity to grow significantly in the coming years thanks to projects already secured and investments in production capacity already made”.
He continues: “With this acquisition, we strengthen our commitment to the Brazilian automotive market, where we continue to increase our market share and where we are a reference supplier thanks to our multi-technological and global character, which implies an unrivalled competitive advantage when quoting to our clients”.
The closing of the transaction is conditional upon clearance of the transaction by the Brazilian antitrust authorities.
SOURCE: CIE Automotive
