Makati—(PHStocks)—AC Industrial Technology Holdings Inc. (AC Industrials), a wholly-owned subsidiary of Ayala Corp. (PSE: AC), completed through AC Industrials (Singapore) Pte Ltd the acquisition of 94.9% of MT Misslbeck Technologies GmbH (MT) in a transaction valued at €26.8 million total enterprise value.
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.
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.
The purchase will be paid in cash and also involves the assumption of debt and other liabilities. The transaction value is less than 10% of Ayala’s stockholders’ equity.