MSSL to acquire PKC Group for EUR 571 million
Indian automotive mirror and wiring harness manufacturer Motherson Sumi (MSSL) is set to buy the outstanding share capital and voting rights of PKC Group.
PKC Group is a key tier 1 supplier of wiring harness and associated components to original equipment manufacturers (OEMs) in the heavy and medium duty commercial vehicles and locomotive industries all around the world.
“MSSL‘s offer is an attractive premium to the share price of PKC and reflects the strategic value of the business,” says Matti Ruotsala, chairman of the board at PKC. “The combination with MSSL will also strengthen further the competitive position of PKC through greater scale and breadth of capability to service its customers while providing management and employees with enhanced opportunities across the larger combined group.”
The Board of Directors of PKC has unanimously decided to recommend the shareholders to accept the tender offer.
Combining the two companies will create a leading supplier of wiring systems and components for the worldwide transportation industry. The transaction is expected to be complete by March this year.