Stoneridge sells its share in Indian joint venture
Automotive electronics designer and manufacturer, Stoneridge, announces that it has entered into a Share Purchase Agreement to sell its minority interest in Minda Stoneridge Instruments Ltd. (MSIL), which represents 49% of the total outstanding equity of MSIL, to Minda Corporation Limited.
The purchase price of the MSIL equity shares is USD 21.5 million, a press release reads, and the parties expect to close the transaction by December 30, 2021. "This transaction allows Stoneridge to continue its transformation by aligning our resources with our greatest areas of opportunity. We value the partnership we have developed with Minda through MSIL and wish them continued success going forward," says Jon DeGaynor, president and chief executive officer. Prior to entering into the SPA, the Stoneridge and Minda owned 49% and 51% of of MSIL respectively. MSIL is based in India and manufactures electronics, instrumentation equipment and sensors primarily for the motorcycle, commercial vehicle and automotive markets.