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).

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).

A file photo of workers assembling wire harnesses at the Motherson Sumi Systems Ltd. wiring harness plant in Faridabad. (Bloomberg)

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.