Electronics Production | September 17, 2008
PKC negotiates on the acquisition of Man's Polish cable harness production
Pkc confirms that the company is negotiating on an exclusive basis with MAN Nutzfahrzeuge AG on acquisition of part of MAN Star Trucks & Buses Spółka ZOO's business located in Starachowice, Poland focusing on cable harness production.
The cable harness production business employs about 1,000 employees and its net sales in 2007 were about EUR 70 million. For the purposes of the possible acquisition PKC would establish a subsidiary in Poland. The acquisition would bring a significant addition to PKC's customer base as MAN Group would become PKC's customer on the basis of supplier agreement to be signed at the same time. Parties' intention is to finalise the negotiation and sign the contracts at the start of October after receiving MAN's parent company's approval and close the acquisition at the turn of the year subject to fulfilment of customary terms and conditions including Polish competition authority's approval. The acquisition is estimated to have a sligthly positive impact on the PKC Group's profit in 2009.
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