Auto part maker Motherson Sumi buys Finland's PKC Group for $619 million

 

Motherson Sumi

Employees of Motherson Sumi Systems Ltd, work on a car wiring assembly line inside a factory in Noida on the outskirts of New Delhi (Photo: Reuters)

 

  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 per cent 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 per cent since the deal was made public on January 20, were trading slightly higher on Monday.