PKC acquires MAN's Polish cable harness production in Poland

PKC's Polish subsidiary will continue the operations in Poland. The cable harness production business employs about 1,000 employees and its net sales in 2007 were about EUR 70 million. 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 closing of the acquisition is subject to fulfilment of customary terms including Polish competition authority's approval. Parties' intension is to close the acquisition by 31 December 2008. The acquisition is estimated to have slightly positive impact on the PKC Group's profit in 2009. 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. "With this step we are continuing the strategy of focussing on our core competences. In PKC we have found a partner who is a professional supplier of cable harnesses with many years of experience in the commercial-vehicle sector," said Lars Wrebo, Member of the Executive Board of MAN Nutzfahrzeuge Group.