- Mutares Italy completes acquisition announced in May 2019
- Company with annual sales of EUR 38 Million
- Product portfolio comprises cable harnesses, automotive cables, connectors, PVC extrusion, and electromechanical assemblies
- Together within the portfolio segment Automotive & Mobility the company will use existing sales and operational synergies
Munich/ Milano, June 17, 2019 – Special situation investor Mutares (ISIN: DE000A2NB650) has completed the acquisition of 80% of Plati Elettroforniture S.p.A. from Chinese Deren Group. The transaction is an acquisition benefiting from synergies to Elastomer Solutions Group, an Automotive supplier in Mutares’ portfolio. Plati has five sites with its headquarter near Bergamo (Italy) and four subsidiaries in Poland, Ukraine, Hungary and Morocco. This transaction represents one of already five acquisitions in 2019 for Mutares which comes down to one acquisition per month. For 2019 Mutares expects more to come.
Plati is an internationally active supplier of cable harnesses to customers in the automotive, consumer goods healthcare and telecommunications sectors. Its product portfolio includes cable harnesses, automotive cables, connectors, PVC extrusion, and electromechanical assemblies. The Group employs approx. 850 employees at its five sites and generated revenues of EUR 38 million in fiscal 2018. Deren Group will continue to be a strategic partner of Plati for the development of the Asian market.
Following the acquisition, Elastomer and Plati will benefit from each other’s sales and operational expertise. The existing footprint is very complementary for the profitability and growths strategies of both companies. For the time being both entities will proceed separate strategies but take the benefits out of being governed by the same umbrella of the Mutares Automotive Segment. The expected synergies will result in improved balance sheets and profitability numbers.