PKC Group family grows in the US
PKC Group has closed a contract to buy the rolling stock electrical distribution system company Fortitude Industries in the United States.
The deal comprises all of the shares of Fortitude Industries, which does business as Advanced Transit Manufacturing (ATM). The company provides wiring, cable harnesses and electro-mechanical assemblies, and its customers are leading companies in the rolling stock market.
According to Matti Hyytiäinen, president & CEO of PKC Group, the acquisition is in line with PKC Group’s strategy to become the global leading electrical commodity system supplier for the rolling stock market.
“The deal gives us immediate access to the North American market, which is valued alone at about 500 million euros per annum for electrical cabinets, power packs and electrical distribution systems and is expected to grow with more investment into infrastructure and public transportation in the near future,” he notes.
The net debt free cash purchase price is 9.25 million US dollars.
In January, Indian automotive mirror and wiring harness manufacturer Motherson Sumi (MSSL) announced it was set to buy the outstanding share capital and voting rights of PKC Group. The transaction was finalised last week.
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