AUTOCOMPONENT MAJOR MOTHERSON SUMI BUYS UK-BASED VISIOCORP’S GLOBAL MIRROR BIZ

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Autocomponent major Motherson Sumi Systems (MSSL) has announced its acquisition of the UK-based Visiocorp’s global rear view mirror business. The acquistion would be made in collaboration with its sibling firm Samverdhan Motherson Finance (SMFL). However, the company has not divulged financial details of the deal. The acquisition will be completed by end-February. MSSL is the flagship company of New Delhi-based auto component group Sumi Motherson.

In a statement released to the Bombay Stock Exchange informing that its board had cleared the proposal, the company said,“ The acquistion will be made through a step down Special Purpose Vehicle (SPV) to be set up between MSSL and SMFL in the ratio of 51%:49% and the SPV will directly or indirectly acquire various operating companies engaged in the design , manufacture and assembly of rear view mirrors.” The proposed capital of the special purpose vehicle is 30 million euro “to be subscribed by MSSL and SMFL at the same terms” said the company notification. MSSL will fund its portion from internal resources, the release added.

Visiocorp’s rear view mirror business is spread across Europe, America, Australia and Asia including India. Its revenue in 2007 was over 700 million euro and normalised EBITDA stood at 48 million euro. In India the UK-based company was operating in a joint venture with MSSL. The company’s other products include audio components and fuel filler flaps.

Samvardhana Motherson Finance is a group holding company of Motherson Sumi Systems and it holds a little less than 25% shares in the company. The firm is also a joint venture partner in other companies of the Sumi Motherson group.

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