Ayala acquires German auto parts manufacturer
MANILA, Philippines – Ayala Corporation (AC), through its manufacturing arm AC Industrial Technology Holdings (AC Industrials), acquired a German auto parts supplier as part of its ongoing expansion spree.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, June 5, AC said AC Industrials "completed the signing and execution of the Share Purchase and Transfer Agreement through AC Industrials (Singapore) Pte Ltd (AC Industrials Singapore) to acquire 94.9% of MT Misslbeck Technologies GmbH (MT) in a transaction valued at €26.8 million ($30.2 million or P1.49 billion) total enterprise value."
The closing of the transaction is subject to completion conditions and regulatory approval.
"This investment forms part of AC Industrials' strategy to increase its competence and capabilities in the automotive value chain and will complement AC Industrials' existing businesses in manufacturing services and vehicle distribution and dealerships," AC added in the disclosure.
MT supplies models, tools, and plastic parts to automotive manufacturers and automobile tier 1 suppliers.
In particular, the German firm designs and creates models of entire cars or parts of a car; develops, designs, and manufactures injection molds for metal and plastic car parts; and produces automotive plastic parts for prototyping and serial production.
It was established in 1869 and now has two production plants in Germany – in Ingolstadt and Zwickau – according to its website.
AC Industrials has been on an expansion spree since it was established last year to house the Ayala group's investments in industrial technologies, particularly Integrated Micro-Electronics Incorporated (IMI) and Ayala Automotive.
Last year, AC Industrials signed a deal with Austrian motorcycle maker KTM to manufacture and distribute KTM motorcycles in the Philippines. It also acquired a 76% stake in VIA Optronics, a Germany-based display solutions provider.
Earlier this year, AC Industrials, through IMI, also announced it took an 80% stake in United Kingdom-based STI Enterprises Limited, an electronics design and manufacturing company. – Rappler.com