India’s Motherson Sumi Acquires Finland’s Automotive company
Noida, India-based automotive component firm Motherson Sumi Systems, a joint venture between its parent Samvardhana Motherson Group and Sumitomo Wiring Systems of Japan, acquired Finland’s PKC Group Plc for about $609 million.
“We are very happy to announce that 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,” chairman Vivek Chaand Sehgal of Motherson Sumi said in a statement. The acquisition will expand the company’s footprint significantly in the commercial vehicle segment.
Headquartered in Helsinki, Finland, PKC is a global tier 1 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, reports Livemint.