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

Motherson is now the controlling shareholder of PKC Group

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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)

Reuters

Last Updated : Mar 27 2017 | 12:05 PM IST

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.