NEW DELHI: Automotive component manufacturer Minda Corporation on Tuesday announced that its German subsidiary Minda KTSN Plastic Solutions GmbH Co. KG (MKTSN) has declared that it has filed for bankruptcy in Germany.

The Board of Directors of Minda Corporation announced Tuesday that its German subsidiary, Minda KTSN Plastic Solutions GmbH Co. KG (MKTSN), held a meeting to request additional financial support, taking into account KG. MKTSNN’s extensive review and consideration of current and future cash flow requirements as well as COVID-19 impacted by the pandemic, the Board of Directors decided not to impact MKTSNN to take any further financial risk and recommended that capital be allocated to growth and profitable business opportunities. Do. /pAfter Minda KTSN Plastic Solutions GmbH Co. KG (MKTSN) filed for bankruptcy in Germany today.

MKTSN was a manufacturer of automotive motion and non-motion plastic parts acquired by Minda Corporation in 2007. Since then, the company has made a buyout of MKTSNN invested more than €35 million. The company is headquartered in Germany with production facilities in Pirna (Germany) and subsidiaries in Poland, the Czech Republic and Mexico.

Ashohok Minda, Chairman and Group Chief Executive Officer of Minda Corporation, said: “Despite our insolvency filing, in the long term we expect a positive outcome for all stakeholders. We remain focused on utilizing our valuable capital to deliver profitable growth and provide improved EBITDA margins and profit opportunities. This is expected to increase Mindada Corp EBIDTA by 2x. % and ROCE of 5%.

He continued, “Importantly, the India group has acquired expertise in plastics technology over the years for manufacturing both moving and non-moving plastic parts and expects to grow over the next five years by creating lightweight and high value-added plastic parts. India’s in-house moving parts business.” With an annual profit of Rs. 2,00,000 crore, the profitability is in double digits.

R Laxman, Group CFO, Minda Corporation, said MKTSN has been operating in challenging and competitive markets in Europe. “Over the last few years we have been making every effort to improve MKTSNNN but the fate of COVID-19 all our efforts and the emergence of MKTSN efforts have come to naught. The subsequent reallocation of resources is expected to increase shareholder value. In the long run, this is possible.” , Laxman said.