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Motherson Sumi rises on concluding acquisition of EWIS in Mexico

Capital Market 

Motherson Sumi Systems rallied 2.34% to Rs 220.75 after the company said it successfully completed the acquisition of Bombardier's Electrical Wiring Interconnection Systems (EWIS) business in Huehuetoca, Mexico.

Motherson Sumi Systems (MSSL), via its Mexican subsidiary, Motherson Rolling Stocks S. de R.L. de C.V. (MRS), has successfully completed the acquisition of assets and activities of Electrical Wiring Interconnection Systems (EWIS) performed at Bombardier Transportation's manufacturing site in Huehuetoca, Mexico (BT Ensambles Mico).

In October last year, the company had announced the acquisition of Bombardier's Mexico-based EWIS business for around $10 million through MRS.

MRS is part of the Motherson Rolling Stock Division which designs and manufactures electrical cabinets, power packs and electrical distribution systems for leading rolling stock manufacturers.

The company has supported Bombardier's transformation process over the last years and the successful closure of this acquisition in Mexico is in alignment with the same. In the past the company had also acquired Bombardier's UK rolling stock electrical component and systems business in Derby.

MSSL's consolidated net profit surged 272.7% to Rs 1268.31 crore on 14.1% rise in net sales to Rs 16,992.12 crore in Q3 FY21 over Q3 FY20.

MSSL is one of the world's leading specialised automotive component manufacturing companies for original equipment manufacturers.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, May 04 2021. 09:30 IST
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