PKC Group Plc Press release 27 January 2017 8.00 a.m.
PKC Group divests PKC Electronics to Enics
PKC divests 100% of PKC Electronics Oy shares to Enics, one of the biggest Electronics Manufacturing Service (EMS) provider in the world focusing on industrial electronics. The transaction value is approximately net asset value at closing (currently estimated to be about EUR 10 million and which is subject to customary transaction closing adjustments). The divestment has no material impact to PKC’s financial results and is expected to be completed by cash payment during the first quarter of 2017. The closing is subject to usual conditions including merger control filings. PKC Electronics business has been classified as a non-current asset held for sale and reported as discontinued operations as of Q1 2016 Interim Statement.
Enics AG President & CEO Hannu Keinänen:
The acquisition of PKC Electronics is in line with Enics’ strategic plan to focus on growth in industrial electronics and related services. We strongly believe in electronics manufacturing and want to be a strong player in the market – this acquisition strengthens our position even more.
PKC Group President & CEO Matti Hyytiäinen:
The divestment of 100% of PKC Electronics enables PKC Group to continue to focus on its core businesses of commercial vehicles, rolling stock, recreational products and other selected segments. Through the divestment PKC Electronics becomes a part of larger EMS provider which brings the benefits of economies of scale and larger resources and being part of core business.
PKC Group Plc
Board of Directors
Matti Hyytiäinen
President & CEO
Further information:
Vesa Vähämöttönen, Group Senior Vice President, Business Development, PKC Group Plc, Tel. +358 40 181 0778
Distribution
Nasdaq Helsinki
Main media
PKC Group is a global partner, designing, manufacturing and integrating electrical distribution systems, electronics and related architecture components for the commercial vehicle industry, rolling stock manufacturers and other selected segments. The Group has production facilities in Brazil, China, Finland, Germany, Lithuania, Mexico, Poland, Russia, Serbia and the USA. The Group's revenue from continuing operations in 2015 totalled EUR 847 million. PKC Group Plc is listed on Nasdaq Helsinki.