Pricol to acquire PMP Auto Components_Pricol to acquire PMP Auto Components

Pricol to acquire PMP Auto Components

May 21, 2024

NEW DELHI: Auto parts maker Pricolllll plans to expand its business into Europe and North America by acquiring Ashok Piramal Group company PMP Auto Components for an undisclosed amount.

In a regulatory filing, Pricol’s board of directors “approved the acquisition of PMPP” Auto Components. Pricol said, “Pricol and PMP Auto Components India have entered into a binding and exclusive agreement pursuant to which Pricol PMP will be acquired with a full ownership interest in the wiper systems business.”

The document notes that the parties are working to “finalize the documents and close the transaction as soon as possible.”

The acquisition gives Pricol access to manufacturing sites in Europe and North America where the company does not yet have a presence.

This will enable Pricol to produce its current product portfolio in the new regions,” the company said. The acquisition will strengthen Pricoll’s position among passenger car manufacturers and open up cross-selling opportunities in the future.”

PMP has a turnover of Rs. 25 crores has manufacturing facilities in Czech Republic, Mexico and India. We supply components to major automobile companies such as Volkswagen, Daimler, Fiat, John Deere, Skoda, Audi, Renault and Tata Motors.

The company said, “The acquisition of the Pricollll business is part of a long-term product diversification strategy where the company sees wiping systems as a growing product segment, with India, the Czech Republic and Mexico being the most cost-effective manufacturing sites.”

Shares of Pricol Bombay Stock Exchange (BSE) traded at Rs. 77 per share, down by Rs. 3.45. compared to the previous closing price.

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