AC Industrial Technology Holdings, Inc., a wholly-owned subsidiary of conglomerate Ayala Corp., said on Monday it has acquired a 94.9 percent stake of German-based automotive supplier MT Misslbeck Technologies GmbH for 26.8 million euros (P1.49 billion).
The acquisition was made through AC Industrials (Singapore) Pte. Ltd., and will be subject to completion conditions and regulatory approval.
“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,” the company said in a disclosure to the Philippine Stock Exchange (PSE).
“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,” it added.
MT supplies 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.
It 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.
In May this year, the company completed the acquisition of an 80 percent stake in STI Enterprises Ltd., an electronics design and manufacturing solutions company based in the United Kingdom. Last year, it also acquired a 76 percent stake in VIA Optronics, a German-based display solutions provider, through its subsidiary Integrated Micro-Electronics, Inc.
AC Industrials also signed a partnership agreement with Austrian motorcycle manufacturer KTM AG in April last year for the production and distribution of motorcycles in the Philippines.
AC Industrials also has stakes in automotive-related businesses under AC Automotive including: a 13-percent stake in Honda Cars Philippines Inc.; 15-percent stake in Isuzu Philippines Corp.; and full ownership stake in Honda Cars Makati Inc., Isuzu Automotive Dealers Inc., Volkswagen importer-distributor Automobile Central Enterprise Inc. and Adventure Cycle Philippines Inc.