CK Holdings buys Magneti Marelli from FCA for 5.8 billion Euros
CK Holdings, the holding company of Calsonic Kansei Corporation announced the complete acquisition of Magneti Marelli. The Japan-based firm, CK Holdings bought Magneti Marelli from FCA (Fiat Chrysler Automobiles) for 5.8 billion Euros - that translates to Rs 4,48,61,99,50,920 by today's currency exchange rates. Combined together, Magneti Marelli and CK Holdings Co. Ltd., both the companies will generate a revenue of 14.6 billion Euros (Rs 11,29,10,07,33,090). The companies together are the seventh largest global independent automotive supplier based on revenue.
Magneti Marelli CK Holdings Co. Ltd will operate out of 170 facilities and research and development centres across the continent of Europe and America -also in Japan and the Asia Pacific regions.
The business will be led by Beda Bolzenius who is currently the CEO of Calsonic Kansei, based in Japan. Ermanno Ferrari, CEO of Magneti Marelli, will join the Magneti Marelli CK Holdings board.
Beda Bolzenius, CEO, Calsonic Kansei and Magneti Marelli said, "We are delighted that, today, we formally come together as one company. In the last few months, our two companies have spent a lot of time getting to know each other and our respective businesses, and I'm very confident and excited about our future potential as one firm."
He further added, "As part of this, our relationship with FCA remains an important one, as we continue to serve them as part of our multi-year supply agreement. In being able to serve our customers as one firm, integration is a key priority both culturally and operationally. We will coordinate our efforts to focus on creating a globally-diversified tier-one supplier, which our customers and employees can be proud to be part of."