Commenting on the development Samvardhana Motherson Group Chairman VC Sehgal said: "This acquisition reaffirms our commitment to our customers and reiterates our vision of being a globally preferred solutions provider."
Auto component major Motherson Sumi Systems (MSSL) has completed USD65.7-million deal for acquiring wiring harness business of US-based Stoneridge Inc. Commenting on the development Samvardhana Motherson Group Chairman VC Sehgal said: "This acquisition reaffirms our commitment to our customers and reiterates our vision of being a globally preferred solutions provider."
The business has strong synergies with MSSL's existing business, products, customer segments and operations, he added.
The acquisition includes six manufacturing facilities located in Portland, Indiana (USA); Chihuahua, Saltillo, Mexico and Monclova in Mexico; as well as an engineering and administrative centre located in Warren, Ohio (USA).
"The addition of these manufacturing facilities would enable MSSL to service the growing requirement of the customers in the region. With this acquisition, MSSL now has over 45 plants related to wiring harness business," the company said in a statement.
The current revenue of acquired business is around USD 300 million, it added.
Stoneridge's wiring business designs and manufactures wiring harness products for sale principally to commercial, agricultural and off-highway vehicle markets.
On May 27, MSSL had signed an agreement to acquire the Wiring Harness business of Stoneridge Inc through asset purchase at consideration of USD 65.7 million on a no-cash-no-debt basis.
Motherson Sumi stock price
On August 01, 2014, Motherson Sumi Systems closed at Rs 352.35, down Rs 12.2, or 3.35 percent. The 52-week high of the share was Rs 382.70 and the 52-week low was Rs 124.02.
The company's trailing 12-month (TTM) EPS was at Rs 6.07 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 58.05. The latest book value of the company is Rs 18.41 per share. At current value, the price-to-book value of the company is 19.14.
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