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Motherson Sumi Systems (MSSL) has acquired Finland-based global auto component major PKC Group for approximately €571 million (over Rs 4,000 crore), a move that will help the group to expand its footprint significantly in the American and European commercial vehicle market segments, said the company in a statement. This is the 16th acquisition by MSSL since 2002.
Announcing the deal closure, MSSL’s Chairman Vivek Chaand Sehgal said, “We are very happy to announce that we have successfully acquired 93.75 per cent 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.”