Ayala unit buys Germany’s MT

AYALA-LED AC Industrial Technology Holdings, Inc. (AC Industrials) on Monday said it acquired a Germany-based automotive parts supplier for €26.8 million.

In a disclosure to the Philippine Stock Exchange on Monday, Ayala Corp. (AC) said AC Industrials ( Singapore) Pte. Ltd. has signed and executed the share purchase and transfer agreement for a 94.9% stake in MT Misslbeck Technologies GmbH (MT).

The closing of the deal is still be subject to terms of completion 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.

MT is an automotive supplier of models, tools, and plastic parts for automotive original equipment manufacturers and has production plants in Ingolstadt, Germany. The company also designs and creates models of entire car parts or parts of a car, produces injection molds for metal and plastic car parts, as well as automotive plastic parts which are produced for prototyping and serial production.

Since the company was formed in 2016, AC Industrials has been on an acquisition spree in a bid to assemble a portfolio of businesses that develop, enable, manufacture, and commercialize automotive and other industrial technologies.

In 2016, the company partnered with Austrian motorcycle manufacturer KTM AG for a 65%- 35% venture that will see the exclusive local distribution of KTM’s products and the manufacture of motorcycles, which will eventually lead to the co-development of next-generation motorcycles for the global market.

AC Industrials, through unit Integrated Micro- Electronics, Inc., also acquired a 76% stake in Germany-based display solutions provider VIA Optronics.

Earnings of AC Industrials gained 22% to P332 million in the first quarter of 2017.