- Already fourth transaction and third add-on acquisition for Mutares in 2019
- Target company with revenues of EUR 38 million in the cable harness segment
- Strengthening of the Automotive & Mobility segment
- Closing expected by June 2019
Munich, May 27, 2019 – Mutares AG (ISIN: DE000A2NB650) has signed an agreement to acquire 80% of Plati Elettroforniture S.p.A. (Plati), a European supplier of cable harnesses, from Chinese Deren Group. The transaction is expected to be completed by June 2019.
The agreement between Deren Group and Mutares includes the acquisition of 80% of Plati Elettroforniture S.p.A. with its subsidiaries in Poland, Ukraine, Hungary and Morocco. Together with Elastomer Solutions, Plati will form an automotive group in the Automotive & Mobility portfolio.
Plati, headquartered in Italy in Madone, near Bergamo, 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.
“We are pleased to welcome Plati as add-on for Elastomer in our Automotive & Mobility segment and thus lay the foundation for a new supplier group in our portfolio. For Mutares this acquisition is a complementary addition to our current engagement in the automotive sector”, Robin Laik welcomes the new addition to the Mutares portfolio.
Company profile of Deren Group
Deren Group (ISIN: CNE000001N62) is a leading Chinese manufacturer of wire harness and electronic components for the automotive, telematics, home appliances, and consumer electronic industry. Deren employs over 20,000 employees worldwide in 8 countries. Group revenues in 2018 amounted to EUR 1 Billion. Deren is listed on Shenzhen stock exchange since 2006 with stock code SZ002055.