Motherson Sumi concludes USD 65.7-mn acquisition
Posted on Aug 02 2014 | IANS
New Delhi, Aug 2 : Auto component major Motherson Sumi Systems Friday said it has concluded its USD 65.7-million deal to acquire the wiring harness business of the US-based Stoneridge Inc.
The acquisition includes six manufacturing facilities at Portland in Indiana, as also Chihuahua and Monclova in Mexico. This apart, it has also acquired the engineering and administrative centre located at Warren in Ohio.
"The addition of these manufacturing facilities would enable Motherson Sumi to service the growing requirement of the customers in the region. With this acquisition, Motherson Sumi now has over 45 plants related to wiring harness business," the company said.
Stoneridge's current is USD 300 million. On May 27, Motherson Sumi had signed a pact on this to acquire Stoneridge's wiring harness business through asset purchase for USD 65.7 million on a no-cash-no-debt basis.
Motherson Sumi's stock had ended at 352.35 Friday, posting a loss of Rs.12.20 or 3.35 percent.