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© pichetw dreamstime.com Electronics Production | November 24, 2016

PKC Group divests business in North America

PKC Group is panning to sell part of its non-core light vehicle business in North America. The divestment will cover light vehicle product lines for which 2017 estimated revenue is approximately EUR 50 million.
Furthermore, the product lines employ net assets of about EUR 10 million. Included in the divestment are related employees and building leases. This move is expected to be completed during the fourth quarter of 2016 with a transaction value of close to net assets at closing.

“The divestment of these product lines enables PKC Group to continue to focus on its core businesses of commercial vehicles, rolling stock, recreational products and other selected segments where the high mix and low volume nature of business is more aligned with PKC Group’s core competencies and long term financial targets,” said Matti Hyytiäinen, PKC Group, President & CEO. “Besides releasing some cash from the assets the divestment also frees up operational and managerial resources to continue to execute PKC Group’s growth strategy”

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