Makati—(PHStocks)—AC Industrial Technology Holdings Inc., a wholly owned subsidiary of Ayala Corp. (PSE: AC), completed the signing and execution of the Share Purchase and Transfer Agreement through AC Industrials (Singapore) Pte Ltd (AC Industrials Singapore) to acquire 94.9% of MT Misslbeck Technologies GmbH in a transaction valued at €26.8 million total enterprise value. The closing of the transaction is subject to completion conditions and regulatory approval.
MT is a German-based automotive supplier of models, tools and plastic parts to automotive original equipment manufacturers (OEMs) and automobile tier 1 suppliers. The company, which traces its roots to a workshop established in 1869, has production plants in Ingolstadt, Germany. MT designs and creates models of entire cars or parts of a car, develops, designs and manufactures injection moulds for metal and plastic car parts, and produces automotive plastic parts for prototyping and serial production.
This investment forms part of AC Industrials’ strategy to increase its competence and capabilities in the automotive value chain and will complement AC Industrials’ existing businesses in manufacturing services and vehicle distribution and dealerships.
Since its formation last year, AC Industrials has actively pursued investments as part of its strategy to assemble a portfolio of businesses that develop, enable, manufacture, and commercialize automotive and other industrial technologies. In April 2016, AC Industrials signed a partnership agreement with Austrian motorcycle manufacturer KTM AG for the production and distribution of motorcycles in the Philippines. Last year, AC Industrials, through Integrated Micro-Electronics Inc. (PSE: IMI) acquired a 76% stake in VIA Optronics, a German-based display solutions provider. Finally, in May, IMI completed the acquisition of an 80% stake in STI Enterprises Ltd, an electronics design and manufacturing solutions company based in the United Kingdom.