Motherson Sumi Systems Ltd
(MSSL) has acquired Finland based global auto component major PKC Group Plc for
approximately Euro 571 million (Rs 4026 crore approx.)., a move that will help
the Vivek Chaand Sehgal led group to
expand its footprint significantly in American and European commercial vehicle
This is the 16th acquisition
by MSSL since 2002. A focused approach to product and market expansion has
helped the company reach a turnover of USD 5.7 billion by FY15-16 and will help
move forward towards the target of USD 18 billion along with business
philosophy of 3CX15 meaning exposure to any country, component or customer
should not be more than 15% of the company’s total turnover by FY 2020.
As announced earlier on Jan
19, 2017, MSSL and PKC entered into a combination agreement pursuant to which
MSSL launched a voluntary recommended public tender offer for the acquisition
of all the issued and outstanding share capital and voting rights of PKC Group
Plc (PKC). The tender offer was launched on Feb 6, 2017.
PKC designs, manufactures and
integrates tailored electrical distribution systems and related architecture
components, vehicle electronics, wires and cables especially for trucks and
buses, light and recreational vehicles, construction equipment and agricultural
and forestry equipment. In addition, PKC designs and manufactures electrical cabinets,
power packs and electrical distribution systems for leading rolling stock
MSSL Chairman Sehgal, said, “We
are very happy to announce that we have successfully acquired 93.75%*
shareholding in PKC Group which has significant market presence in the American
and European markets with major growth plans in China. This is in sync with our
declared policy of focusing on these markets to create enhanced value for all
our stakeholders including investors.”
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