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India's Motherson Sumi buys Finland's PKC Group for $619 million
March 27, 2017 / 4:25 AM / 8 months ago

India's Motherson Sumi buys Finland's PKC Group for $619 million

REUTERS - 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).

Matti Ruotsala (L), Chairman of the Board of the PKC Group, and Vivek Chaand Sehgal, Chairman of the Board of the Motherson Sumi Systems Ltd, discuss during a news conference in Helsinki, Finland, January 20, 2017. Lehtikuva/Antti Aimo-Koivisto/via REUTERS

Motherson is now the controlling shareholder of PKC Group, holding 93.75 percent of PKC's outstanding shares and stock options. (bit.ly/2nYp6nk)

“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 percent since the deal was made public on Jan. 20, were trading slightly higher on Monday.

($1 = 0.9219 euros)

Reporting By Darshana Sankararaman in Bengaluru; Editing by Amrutha Gayathri

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