© Ayala Corporation General | March 19, 2019
AC Industrials strengthens MT Technologies - acquires C-Con
AC Industrial Technology has via its subsidiary, MT Technologies GmbH, executed a share purchase agreement to acquire a 75.1% controlling stake in C-CON Group.
AC Industrial is a wholly-owned subsidiary of Filipino conglomerate Ayala Corporation (AC), which also owns EMS provider Integrated Micro-Electronics (IMI). Founded in 1991 and with eight locations and more than 200 employees that span Germany’s automotive hubs, C-CON and its subsidiaries deliver design, development, engineering, manufacturing, series production, and process management services directly to German automotive original equipment manufacturers (OEMs). These capabilities complement and strengthen MT’s existing competencies in modelling, tooling, and parts manufacturing. In addition, C-CON holds expertise in the production of parts made of carbon fiber reinforced polymer (CFRP) – a versatile material which provides high strength, light weight, and aesthetic benefits in several applications, including automotive, aerospace, and industrials. Post-completion of the transaction, the C-CON group will be fully integrated into MT. “The acquisition and integration of the C-CON Group into MT is in line with AC Industrials’ strategies – to own, develop, and bring to market potentially disruptive technologies aligned with worldwide megatrends, and to deepen our presence in the global automotive space. C-CON significantly advances MT’s goal to offer end-to-end engineering, design, and manufacturing services to its automotive customers,” says AC Industrials Group President and CEO Arthur R. Tan, in a press release. “Beyond these, the addition of C-CON’s unique lightweight and high-strength carbon fiber technology further positions MT and AC Industrials to participate in the ongoing transformation of the mobility space, while opening the potential for applications in new markets such as aerospace, marine, architecture, and power generation,” he continues.