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Electronics Production | December 31, 2008

PKC completed acquisition of Man's Polish cable harness production

PKC has completed the aquisition of MAN Nutzfahrzeuge AG's cable harness business from MAN Star Trucks & Buses Spółka z.o.o. in Poland. The deal was announced on October 8, 2008.
PKC's Polish subsidiary, PKC Group Poland Sp. z.o.o. will continue the operations. The cable harness production business employs about 800 employees and its net sales in 2008 were about EUR 70 million. The aquired business will be included in PKC's consolidated financial statements as from 31 December 2008.

The acquisition will bring a significant addition to PKC's customer base as MAN Group will become PKC's customer on the basis of long-term supplier agreement signed at the same time.

The purchase price is about EUR 22 million and the acquisition will be financed by internal funding and debt financing. No interest bearing liabilities will be transferred to PKC with the acquisition.

"This acquisition strengthens PKC's position as wiring harness manufacturer in Western European commercial vehicle markets. I'm confident that we are able to reach significant new customers in this essential potential market area.", observes Harri Suutari, President & CEO.

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