Motherson Sumi Systems (MSSL) has acquired Finland based global auto component major PKC Group Plc (PKC) for approximately 571 million euro, a move that will help to expand its footprint significantly in American and European commercial vehicle market segment. With the operational expertise of MSSL and technical know-how of PKC, the company will add more value to its customers and suppliers.
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 $5.7 billion by FY15-16 and will help move forward towards the target of $18 billion along with business philosophy of 3CX15 meaning exposure to any country, component or customer should not be more than 15% of our total turnover by FY 2020.
Earlier on January 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 February 6, 2017.