The deal was closed in record time upon receipt of necessary regulatory approvals. On 27th May 2014, MSSL signed an agreement to acquire the business through asset purchase at consideration of $ 65.7 million (no cash no debt basis). Total cash outlay of $ 71.38 million includes increase in working capital and cash/bank balances, subject to post-closing adjustments.
The deal encompasses 6 manufacturing facilities in Portland, Indiana (USA); Chihuahua, Mexico; Saltillo, Mexico; and Monclova, Mexico, and an engineering and administrative centre in Warren, Ohio (USA). New manufacturing facilities enable MSSL to service growing customer requirement in the region. MSSL now has over 45 plants related to wiring harness business.
Mr. V.C. Sehgal, Group Chairman, welcomed the wiring harness business team in North America today, and heralds its strong synergies with MSSL’s existing business, products, customer segments and operations. MSSL aspires to add value to customer experience, products offered, and services. Stoneridge’s wiring harness business acquisition reaffirms MSSl’s quest at being a globally preferred solutions provider.
The Board of Directors of Sona Koyo Steering Systems Ltd. (SONA), India’s largest manufacturer and supplier of Steering Systems, in Technical and Financial Collaboration with global No. 1 Steering System manufacturer viz. ‘JTEKT Corporation’, Japan (formerly Koyo Seiko Co.Ltd.), in its meeting held on 01st August, 2014 has taken on record the Financial Results for the First Quarter ended 30th June, 2014.
Standalone Q1 FY-15 Vs Q1 FY-14
For the quarter ended 30th June 2014, Net Sales have increased by 12.1% to Rs. 257.43 Crores from Rs. 229.59 Crores during the same period last year and Profit after Tax is at Rs. 1.02 Crores against loss of Rs. 3.48 Crores during the same period last year, after considering the impact of higher depreciation cost in compliance with new Companies Act 2013.
Consolidated Q1 FY-15 Vs Q1 FY-14
For the quarter ended 30th June 2014, Net Sales have increased by 11.2% to Rs. 354.79 Crores from Rs. 319.07 Crores during the same period last year and Profit after Tax, Minority Interest and share of associate is at Rs. 3.57 Crores against loss of Rs. 0.86 Crores during the same period last year, after considering the impact of higher depreciation cost in compliance with new Companies Act 2013.