ADLER PELZER
Takeover of automotive supplier STS from Mutares / Plastic car body parts to become the second pillar of business
With the acquisition of a majority stake in the ailing utility vehicle and car parts supplier STS Group (Hallbergmoos / Germany; www.sts.group), from holding company Mutares (Munich / Germany; www.mutares.de), German-Italian company Adler Pelzer (Hagen / Germany; www.adlerpelzer.com) will become a manufacturer of thermoplastic and SMC car body parts. The segment is to be established as a second pillar of operations in addition to the previously dominant acoustic segment. The purchase price is EUR 7 per share, which, for a package of 73.25% of the shares, is equivalent to around EUR 33m.

STS has 1,870 employees and sales of around EUR 250m (2019). On completion of the transaction, which is planned for mid-2021, Adler Pelzer will move closer to a total turnover of EUR 2 bn. The pro-forma revenues should, following the acquisition announced a few weeks ago of the acoustic division of Faurecia (Nanterre / France; www.faurecia.com – see Plasteurope.com of 25.02.2021), more or less match this figure now. The targeted synergies between the two divisions will, nevertheless, probably nibble away at this in the future.

In the plastics sector, Mutares thus still has a stake in the consumer goods manufacturer keeeper (Stemwede / Germany; www.keeeper.de), which the holding company acquired in 2019 from Wrede (Arnsberg / Germany; www.wrede.de). In the automotive sector, after the sale of STS, Mutares still owns rubber mouldings manufacturer, Elastomer Solutions (Wiesbaum / Germany; www.elastomer-solutions.com).

The reason for the sale of the majority of the STS Group, which Mutares had created since 2016 from a number of purchased production plants – among other things from Autoneum, Novares and Plastic Omnium – could also be the poor financial performance of late. In relation to this, the supervisory board had prematurely terminated its contract with CEO Andreas Becker (see Plasteurope.com of 27.08.2020).

In financial year 2020, STS‘ sales – still including the now sold acoustics business segment – fell by 15%, also under the new CEO Mathieu Purrey, to EUR 308m. According to the IFRS 5 standard, which was introduced for the first time, earnings amounted to EUR 235m. The main reason for the decline in turnover was the many plant closures in the first half-year. Although sales in China rose by nearly 60% to EUR 85m, this development was unable to make up for the major decline in the Materials division and also in the plastics business segment. The European market was especially difficult for the supplier; Purrey evidently does not see any significant growth potential there. It is rumoured that the strategy will be to cut costs in Europe and to focus more on expansion in North America.

The adjusted group operating result was, at EUR 17.7m, more or less at the same level as in 2019, but with significant shifts: While the plastics’ EBITDA only just remained in the black, Chinese business nearly doubled to EUR 17.4m. Below the line, however, the loss increased from EUR 12m in the previous year to nearly EUR 16m now.
24.03.2021 Plasteurope.com [247251-0]
Published on 24.03.2021
Adler Pelzer: Übernahme des Automobilzulieferers STS von mutaresGerman version of this article...

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