MAT Foundry Group Ltd., headquartered in Poole, UK, is pleased to announce that it has signed a purchase agreement to acquire the majority stake of Schmidt Maschinenbau GmbH, located at Westhausen, Germany. The acquisition further expands the British group’s investment volume into the European Automotive Market.

Schmidt Maschinenbau GmbH is a world leading manufacturer and developer of complex machine-products for leading international car manufacturers (OEMs). The company specialises in hi-tech transmission systems and components.

The majority stake of MAT consists of the plants in Westhausen, located in the states of Baden-Württemberg, and Eberswalde located at the state of Brandenburg, as well as a production plant in Auburn, Alabama US, which is currently being developed.

Mr. Herbert Schmidt, the founder of the Schmidt Maschinenbau GmbH in 1985, will continue to lead the company as Managing Director.  On behalf of the MAT Foundry Group Europe, Mr. Lars Steinheider will take over the position as Co-Managing Director. Beside this new position as Managing Director for the Schmidt Maschinenbau GmbH, Mr. Steinheider will also be responsible as Managing Director of MAT Foundry Group’s Automotive Ductile Iron Division.

The transaction`s execution is subject to clearance by the competent cartel authorities under the merger control regulations.

After the successful acquisition of the majority stake in Schmidt Maschinenbau GmbH, MAT Foundry Group Europe Ltd.  will achieve a revenue of approx. € 440 Million p.a..