Motherson Sumi Systems (MSSL), has decided to acquire Finland’s PKC for approximately €571 million.
Headquartered in Helsinki, Finland, PKC is a global tier-I supplier of wiring harness and associated components to original equipment manufacturers (OEMs) in the heavy and medium duty commercial vehicles and locomotive segments across North America, Europe, Brazil and China.
PKC has a market leading presence in the wiring harnesses for commercial vehicles in the markets of North America and Europe.
Apart from these geographies, PKC has a significant presence in Brazil and a growing presence in China. PKC had over 22,000 employees and estimated revenue of €846 million for the year 2016.
The transaction, which is expected to be completed by end of March 2017, is subject to the completion of closing conditions and receipt of necessary regulatory approvals.
The proposed acquisition of PKC supports MSSL in expanding its presence in the niche market of global wiring harness business for commercial vehicles.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks