MUNICH -- India's Motherson Sumi Systems plans to complete the purchase of troubled rearview mirror maker Visiocorp by the end of the month.
Formerly called Schefenacker, Visiocorp is a key supplier to Ford Motor, General Motors, Volkswagen and Daimler.
According to the German business newspaper Handelsblatt, Visiocorp has debts of about 300 million euros.
The supplier's customers are helping the company to survive.
"Carmakers are paying quicker than in the past or even giving prepayments," Visiocorp spokesman Wolfgang Inhester told Automotive News Europe.
Inhester would not comment on the company's debt.
Inhester said Motherson Sumi Systems is the company's preferred buyer and an announcement would be made next week.
Visiocorp was bought by hedge funds in 2007. Since then, the funds have searched for a strategic partner for the supplier.
Motherson Sumi Systems has a joint venture called Visiocorp Motherson, which is the leading supplier of rearview mirrors for passenger cars in India.
UK-based Visiocorp has 17 factories in Europe, the U.S., Australia and Asia. Last year, its annual sales were 700 million euros, 20 million euros below its forecasted sales.
Motherson Sumi manufactures automotive parts including wire harnesses, air compressors and fuel pumps.