Auto component major Motherson Sumi Systems (MSSL) on Monday said it has completed acquisition of Finland’s PKC Group Plc for around €571 million (over ₹4,150 crore).

The takeover will help the company expand its footprint in the American and European commercial vehicle segment, it said in a filing to the stock exchange.

“We have successfully acquired 93.75 per cent shareholding in the PKC Group, which has significant market presence in the American and European markets with major growth plans in China,” Vivek Chaand Sehgal, Chairman, MSSL, said.

MSSL and PKC had sealed an agreement pursuant to which MSSL launched a voluntary public 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 February 6. Shareholders of PKC, which had a topline of €846 million in 2016, were offered €uro23.55 per share, the company said adding that the company has also obtained all pre-closing regulatory approvals for the transaction prior to completion of the offer.

Global supplier Headquartered in Helsinki, Finland, PKC is a global tier -I supplier of wiring harness and associated components to original equipment manufacturers in the heavy and medium duty commercial vehicles and locomotive segments across North America, Europe, Brazil and China.

This is the 16th acquisition by MSSL since 2002. The company has set a target of achieving turnover of $18 billion by 2020 through global expansions.

Shares of MSSL closed at ₹365.65 on the BSE on Monday, down 0.07 per cent from the previous close.

Related Topics
comment COMMENT NOW