India’s Motherson Sumi buys Finland’s PKC Group for $619 mn | business-news | Hindustan Times
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India’s Motherson Sumi buys Finland’s PKC Group for $619 mn

Indian auto parts maker Motherson Sumi Systems Ltd (MSSL) said on Monday it had completed the buyout of Finland’s PKC Group for 571 million euros ($619.4 million).

business Updated: Mar 27, 2017 10:21 IST
A file photo of workers assembling wire harnesses at the Motherson Sumi Systems Ltd. wiring harness plant in Faridabad.
A file photo of workers assembling wire harnesses at the Motherson Sumi Systems Ltd. wiring harness plant in Faridabad.(Bloomberg)

Indian auto parts maker Motherson Sumi Systems Ltd (MSSL) said on Monday it had completed the buyout of Finland’s PKC Group for 571 million euros ($619.4 million).

Motherson is now the controlling shareholder of PKC Group, holding 93.75% of PKC’s outstanding shares and stock options.

“There is a great synergy between MSSL & PKC and a complementary geographical presence to serve the customers in all regions,” Motherson said in a statement.

Shares of Motherson, which have gained 12% since the deal was made public on Jan. 20, were trading slightly higher on Monday.