Motherson Sumi Systems Ltd (MSSL) today said it has acquired Finland based global auto component major PKC Group Plc for approximately Euro 571 million., a move that will help Mr. Vivek Chaand Sehgal led group to expand its footprint significantly in American and European commercial vehicle market segment.
Announcing the deal closure, MSSL’s Chairman Mr. Vivek Chaand Sehgal, said,
“We are very happy to announce that we have successfully acquired 93.75%* shareholding in PKC Group which has significant market presence in the American and European markets with major growth plans in China. This is in sync with our declared policy of focusing on these markets to create enhanced value for all our stakeholders including investors.”
“MSSL has always believed in both organic and inorganic growth and has seen an average annualized growth of 40 per cent over the last ten years. We wish to thank all our shareholders for being part of the growth story of the company owned by them. I see tremendous growth potential ahead and we will continue to work towards becoming a globally preferred solutions provider for the transportation industry” added, Mr. Sehgal.