Motherson Sumi Systems (MSSL) has successfully closed the deal acquiring the wiring harness business of Stoneridge in record time after receipt of necessary regulatory approvals.
As announced on 27 May, MSSL had signed an agreement to acquire the wiring harness business of Stoneridge through asset purchase for US$65.7m on a no cash, no debt basis. The total cash outlay of $71.38m includes an increase in working capital and cash/bank balances subject to post-closing adjustments.
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Included in the transaction are six manufacturing facilities located in Portland, Indiana (US); Chihuahua, Mexico; Saltillo, Mexico; and Monclova, Mexico; as well as an engineering and administrative centre located in Warren, Ohio (US). The business designs and manufactures wiring harnesses for sale principally to the commercial, agricultural and off-highway vehicle markets, and assembles complete instrument panels configured specifically to OEM customer specifications for commercial vehicles.
MSSL now has over 45 harness-related plants.
