TAFE acquires the Indian interior systems business of FAURECIA, part of Group FORVIA - the French global automotive supplier
December 30, 2022 | Chennai: In a recently concluded deal, TAFE - Tractors and Farm Equipment Limited, an international tractor major with a well-established engineering plastics business, supplying exterior and interior automotive engineered plastic components as a full service provider to the automotive industry in India, acquired FAURECIA’s Indian interior business of Group FORVIA, serving major automotive customers that include Mobis-Kia, Mobis-Hyundai, Volkswagen, FCA and TATA.
The deal covers FAURECIA’s operations at Chakan - Maharashtra, Anantapur - Andhra Pradesh and Tamil Nadu. The transaction with respect to Chakan and Anantapur has been completed and the Tamil Nadu operation is expected to be concluded shortly.
The integration of TAFE’s plastics business with FAURECIA’s interior systems business offers synergistic benefits to all its customers. TAFE’s current customers include Toyota, TVS Motors, Hyundai, Kia, Renault Nissan and GE Medical Systems. TAFE with its state-of the-art tool room possesses world-class tool design and production capability. FAURECIA, as a part of this deal, will continue to support TAFE and its customers with the acclaimed FAURECIA design capabilities. With complementary capabilities coming together TAFE will now offer an enhanced value proposition to its customers that includes cutting edge product design, precision tooling design and manufacture, and superior quality, that TAFE has been recognized for.
Mallika Srinivasan, Chairman & Managing Director - TAFE, said, “TAFE is encouraged by the strong synergistic opportunities that this acquisition offers. We value our relationship with our customers and thank them for the encouragement and support , and would like to reiterate our commitment to our customers towards the highest standards of design quality and service. Technology, innovation and manufacturing excellence will drive our journey forward”.
About TAFE: tafe.com
The world’s third largest tractor manufacturer and second largest in India by volumes with an annual sale of about 180,000 tractors, TAFE is one of the leading exporters of tractors from India with a turnover above INR 10,000 Crores. TAFE manufactures a range of tractors, in both the air-cooled and water-cooled platforms, and markets them under its four iconic brands - Massey Ferguson, TAFE, Eicher, and the Serbian tractor and agricultural equipment brand - Industrija Mašinai Traktora (IMT). Acclaimed for their quality and dependability, TAFE’s products and services are present in over 100 countries across the world, including developed countries in Europe and the Americas.
Besides tractors and farm machinery, TAFE manufactures silent gensets, agro and industrial engines, hydraulic pumps and cylinders, gears and transmission components, and has business interest in vehicle franchises and plantations. TAFE is committed to the Total Quality Movement (TQM). In the recent past, various manufacturing plants of TAFE have garnered numerous ‘TPM Excellence Awards from the Japan Institute of Plant Maintenance (JIPM), as well as several other regional awards for TPM excellence. TAFE became the first Indian tractor manufacturer to win the Frost & Sullivan Global Manufacturing Leadership Award in 2018, being recognized with the ‘Enterprise Integration and Technology Leadership Award’ and two ‘Supply Chain Leadership Awards'. In recognition of its outstanding contribution to engineering exports, TAFE has been named the ‘Star Performer - Large Enterprise (Agricultural Tractors)’ at the 40th EEPC - Engineering Exports Promotion Council of India - Southern Region Awards (2015-16), for the 21st time in a row. TAFE has also been conferred the ‘Regional Contributor Award’ for quality supplies from Toyota Motor Company, Japan, and the ‘Manufacturing Supply Chain Operational Excellence - Automobiles Award’ at the second Asia Manufacturing Supply Chain Summit for its supply chain transformation in 2013. TAFE's tractor plants are certified under ISO 9001 for efficient quality management systems and under ISO 14001 for environment-friendly operations.