Motherson completes Stoneridge's wiring harness business acquisition
With this acquisition, Motherson Sumi Systems now has over 45 plants related to wiring harness business
BS B2B Bureau B2B Connect | New Delhi
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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).
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The current revenue of acquired business is around $ 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, Motherson Sumi Systems had signed an agreement to acquire the Wiring Harness business of Stoneridge Inc through asset purchase at consideration of $ 65.7 million on a no-cash-no -debt basis.
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First Published: Aug 05 2014 | 8:10 AM IST