The deal increases Schefenacker’s market share for automotive mirrors

Schefenacker has purchased fellow German automotive supplier Engelmann out of its year-long insolvency administration. Schefenacker chief executive Hans-Joachim Lange said: “With the Engelmann acquisition we will strengthen our global position in our core mirrors business.” The company’s global market share for its mirrors business will increase by 2% following the acquisition.

As well as mirrors, Engelmann manufactures fuel caps, exterior and interior door handle systems, and complex painted plastic parts, at factories in Germany, Spain and Mexico. It has more than 1,000 employees, the majority of whose jobs will be preserved, said Schefenacker. Engelmann’s administrator, Christopher Seagon, has agreed that Schefenacker can employ part of Engelmann’s German workforce on a temporary contract initially.

Seagon said: “The personnel adjustments are necessary because the restructuring efforts were not sufficient in reducing the losses.” Schefenacker said there were discussions and negotiations between Seagon and 15 different investors who were interested in the possible acquisition. “Each of the interested investors determined that there is a need to make personnel adjustments,” it said.