Investors





Investor Contacts

Matti Hyytiäinen

President & CEO
Tel. +358 20 1752 968
firstname.lastname@pkcgroup.com

Juha Torniainen

CFO
Tel. +358 20 1752 150
firstname.lastname@pkcgroup.com

Contacts through

Sinikka Ravander

Senior Executive Assistant
Tel. +358 40 120 9277
firstname.lastname@pkcgroup.com

Mergers and Acquisitions

Year     

Mergers and Acquisitions

Description

2016

PKC Group signs agreement to establish joing venture with Anhui Jianghuai Automobile Co., Ltd (JAC) subsidiary Hefei Jianghuai Automobile Co., Ltd (Hefei JAC).

PKC Group has signed an agreement on 29 March 2016 to establish 50/50 joint venture (JV) with Anhui Jianghuai Automobile Co., Ltd (JAC) subsidiary Hefei Jianghuai Automobile Co., Ltd (Hefei JAC). JV will comprise the current wiring harness business of JAC group with aim to gradually insource currently outsourced harnesses. PKC market share in both medium and heavy duty truck segments in China grows by 5%-points. JV will expand PKC’s business to very sizable light truck segment as well to other commercial and light vehicle models. The finalisation of the JV is subject to usual conditions including e.g. negotiating the related agreements and authority approvals. The finalisation is targeted in the second half of year 2016, and the JV will be consolidated to PKC Group as of the date of starting the operations.

2015

PKC Group establishes joint venture with Jiangsu Huakai Wire Harness Co. Ltd. (Huakai)

PKC Group expanded its business in China and signed a frame agreement on 28 March 2015 to establish a joint venture with Jiangsu Huakai Wire Harness Co. Ltd. (Huakai). PKC owns 50% and Huakai 50%. The frame agreement contains specific terms regarding PKC's right to consolidate.
The joint venture shall increase PKC's market share in medium and heavy trucks segment in China by 8%-points and expand clientele with significant new customers.
The joint venture shall comprise Huakai's current business. Huakai develops and manufactures electrical distribution systems to truck, construction vehicle and bus segments in China. The key customers are Foton (and Beijing Foton Daimler Automotive), Kinglong and Iveco. Foton is the fourth biggest truck manufacturer in China with 11% market share in 2014.
The joint venture is accomplished through a new company that will be established by Huakai in Danyang, Jiangsu province in China with an equity value of RMB 150 million / EUR 22 million. PKC contributes RMB 150 million / EUR 22 million via share issue to be financed from PKC's cash resources. After the capital increase the total equity value of the joint venture is RMB 300million / EUR 44 million.
The finalisation of the joint venture is subject to usual conditions including e.g. negotiating the related agreements and authority approvals. The finalisation is targeted in the latter half of year 2015, and the joint venture will be consolidated to PKC Group as of the date of closing the deal.

2015

Acquisition of rolling stock electrical distribution system business (Wiring & Controls business) of Groclin S.A. Group

The deal includes Kabel-Technik-Polska Sp. z o. o. ('KTP') operating in Poland, which at the time of the closing will own the entire Wiring & Controls business of Groclin S.A. Group. The Wiring & Controls business develops and manufactures electrical cabinets, powerpacks and electrical distribution systems for rolling
stock manufacturers. The clientele also includes the on/off highway commercial vehicle, energy and materials handling industry. The customers are leading companies in their field and mainly operate globally.
The net debt free purchase price is EUR 50 million. The acquisition takes place via a new company, in which PKC Group has an 80% holding and Wiring & Controls business' management has a 20% holding. PKC Group and minority shareholders have agreed on a call option structure, within the framework of which PKC Group will acquire the minority shareholders' shares not before than two years from the closing of the deal.

2014

New company in Lithuania

PKC Group established new wiring harness company to Panevezys, Lithuania

2013

A new factory in Suzhou, China

In order to optimise production, PKC Group has established a new Wiring Systems company in Suzhou, China. In addition, the new factory in Suzhou will function as NPI center for China and APAC.

2013

A new factory in Serbia

PKC Group decided to establish a new wiring systems factory in Smederevo, Serbia. The factory's purpose is to serve existing and potential new customers in Europe.The Memorandum of Understanding with the Republic of Serbia and City of Smederevo was signed on 18th October 2013. The Memorandum of Understanding was signed by Mr Aleksandar Vui, the Deputy Prime Minister on behalf of the Government and Ms Dr Jasna Avramovi, Mayor of City of Smederevo on behalf of the City of Smederevo.The objective is to start manufacturing first in already existing leased premises in the start of 2014 and in new leased premises to be constructed for PKC in the end of 2014. The total capital expenditure by the end of 2016 is estimated to be about eight million euros. The factory is expected to employ about 1,500 employees by the end of 2016.

2011

Acquisition of AEES Companies

PKC Group has signed on 9 of August 2011 an agreement for the purchase of AEES companies from funds controlled by Platinum Equity. AEES is one of the leading North American wiring harness manufacturers for heavy and medium duty trucks and it also has a significant position in light vehicle wiring harnesses. In addition, AEES provides components and wires to other contract manufacturers. In 2010, AEES generated net sales of EUR 454.0 million. AEES has operations in USA, Mexico, Brazil and Ireland and had about 13,800 employees at the end of June 2011.The debt-free purchase price of AEES consists of EUR 109 million in cash and 1.25 million in newly issued PKC shares.The closing became effective on October 1, 2011.

2011

Acquisition of SEGU Companies

PKC Group signed an agreement for the purchase of shares in the Segu companies on 28 February 2011. Under the share purchase agreement, PKC Group´s subsidiaries purchased all shares in Segu Systemelektrik GmbH (Germany), Segu Polska Sp. z o.o. (Poland) and TZOV HBM Kabel Corp (Ukraine).

The Segu companies in Germany, Poland and Ukraine manufacture and develop wiring harnesses for the automotive and construction equipment sectors. In 2010, the Segu companies generated consolidated net sales of approx. EUR 38 million, EBITDA was EUR 3.8 million and had approx. 1,000 employees at the end of the year. The debt-free purchase price of the Segu companies is EUR 20 million.

The closing became effective on April 30, 2011.

2009

Formation of Wiring Harnesses subgroup

PKC Group Oyj transferred its wiring harness business into an independent subgroup. The business was transferred on 1 November 2009 to PKC Wiring Systems Oy (contribution by way of a business transfer in accordance with Article 52 d of the Act on Business Income Taxation).

The ownership of the shares of the subsidiaries in wiring harness business, i.e., PKC Group USA Inc., PKC Group Canada Inc., PKC Group Mexico S.A. de C.V., PK Cables do Brasil Ltda., PKC Eesti AS and PKC Group Poland Sp. z.o.o, to the Recipient, PKC Wiring Systems Oy was included in the transfer to PKC Wiring Systems Oy.

2008

Acquisition of MAN's cable harness business in Poland

Acquisition of MAN Nutzfahrzeuge AG's cable harness business from MAN Star Trucks & Buses Sp. z.o.o. in Poland. PKC's Polish subsidiary, PKC Group Poland Sp. z.o.o. will continue the operations.The acquisition brought a significant addition to PKC's customer base as MAN Group became PKC's customer on the basis of long-term supplier agreement signed at the same time.

At the time of the acquisition the cable harness production business
employed about 800 employees and its net sales in 2008 were about EUR 70 million. The aquired business transferred to PKC and was included in PKC's consolidated financial statements as from 31 December 2008.

2006

Electro Canada acquisition (North American operations)

The purchase of the business of Electro Canada Limited and the shares of Electro Canada SA de CV and Electro USA Inc. The acquisition included a head office in Toronto, Canada, a wiring harness factory in Nogales, Mexico, and a sales office in Tucson, USA. The PKC Group incorporated a new subsidiary, PKC Group Canada Inc., that continued Electro Canada's operations in Canada.

Electro Canada Limited was a private company with over 40 years' experience in the manufacture of wiring harnesses for vehicles and electrical equipment. Electro Canada companies were owned by the same group of owners, although they were not consolidated into a single group. At the time the companies employed about 450 people. In 2005 Electro Canada Companies' net sales totalled EUR 22 million and earnings before interest and tax were EUR 1.5 million.

The purchased business has been included in PKC's consolidated financial statements as of August 1, 2006.

The acquired companies current names are PKC Group Canada Inc., PKC Group USA Inc. and PKC Group Mexico SA de CV.

2006

Establishment of Pskov, Russia operations

Establishment of a new wiring harness factory in Pskov, Russia, near the Estonian border. The new subsidiary, OOO PKC Group Pskov, will operate in leased premises and its purpose is to serve Central European and Russian markets.

2006

Electronics subgroup formation continues

Transfer of ownership of OOO Elektromeka from Carhatec Oy and TKV-sarjat Oy to PKC Electronics Oy by share purchase on February 14, 2006.

2005

Establishment of Chinese operations

Establishment of PKC Wiring Harness (Suzhou) Co., Ltd., a subsidiary in China. Chinese subsidiary's purpose is to serve group's international customers locally also in the Chinese market.

2005

Closing down of Dutch operations

The production operations of the Dutch subsidiary PK Cables Nederland B.V were closed down in the first half of 2005 when the production of customer´s old model ended. Production of the harnesses for the new model was started in the Estonian subsidiary's factories.

Liquidation of PKC Europe B.V.

2005

Electronics subgroup formation continues

Transfer of ownership of PKC Electronics Oy´s shares to PKC Netherlands Holding B.V. (and PK Cables Nederland B.V.) as a payment in kind for PKC Netherlands Holding B.V´s new shares.

Establishment of OOO Elektromeka, which holds the assets of the electronics production in Kostomuksha, Russia.

2004

Formation of Electronics subgroup 

PKC Group Oyj transferred the business area that provides electronics product development and contract manufacturing services into an independent subgroup. The business that provides the company's electronics product development and contract manufacturing services was transferred on 30 September 2004 to PKC Electronics Oy, a subsidiary that was established for this purpose (contribution by way of a business transfer in accordance with Article 52 f of the Act on Business Income Taxation). The company began operations on 1 October 2004. The spin-off did not result in changes in line operations. About 250 employees of the electronics business transferred to PKC Electronics Oy under their current terms of employment.

The ownership of PKC Group Americas Inc. was included in the transfer of electronic business to PKC Electronics Oy.

Establishment of OOO Elektrokos (electronics factory) in Kostomuksha, Russia.

2004

Transfer of business operations of Carhatec and TKV into PKC Group Oyj

The business operations of the consolidatedsubsidiaries Carhatec Oy and TKV-sarjat Oy were transferred to the parentcompany PKC Group Oyj on 1 January 2004.

2004

Establishment of US operations

PKC Group Americas Inc. began its operations. PKC Group Americas was established to carry on technical co-operation with customers.

2003

Carhatec group acquisition (Kostomuksha, Russia operations)

PKC Group Oyj signed on June 11, 2003 contracts on purchasing the entire shares outstanding in Carhatec Oy. In addition to the parent company, Carhatec Oy, the group comprised the Finnish companies TKV-sarjat Oy (100%-held subsidiary) and Carhatest Oy (80%-held subsidiary) as well as the Russian companies OOO Karhakos and OOO AEK (both wholly-owned by Carhatec group).

Carhatec Oy has manufactured wiring harness modules for commercial vehicles solely for PKC for over 10 years. At the time the companies employed about 500 people. The Carhatec group's net sales in 2002 were EUR 6.64 million and operating profit was EUR 1.23 million.

Payment of the purchase price was divided between cash payment and in addition PKC Group Oyj directed a share issue in accordance with the decision of the extraordinary meeting of the company's shareholders on 30 June 2003.

The ownership of Carhatec Oy transferred to PKC Group Oyj and the business has been included in PKC's consolidated financial statements as of 1 July 2003.

2002

AJT Harju Electer AS acquisition (Estonian operations)

PKC Group Oyj signed on June 4, 2002 contract on purchasing the entire shares outstanding in AJT Harju Elekter AS, a wholly-owned subsidiary of AS Harju Elekter of Estonia.

The seller has manufactured wiring harness modules for commercial vehicles and telecommunications equipment as a supplier to PKC Group Oyj for over ten years. The wiring harness production, which was spun off into an independent company on 1 April 2002, provided at the time employment for 425 people at the Keila and Haapsalu units in Estonia.

Payment of the purchase price was divided between cash payment and in addition PKC Group Oyj directed a share issue in accordance with the decision of the extraordinary meeting of the company's shareholders on 25 June 2002.

The closing date was July 1, 2002.

AJT Harju Elekter AS´s current name is PKC Eesti AS.

2002

Sale of Engi Oy

PKC Group Oyj signed on May 15, 2002 an agreement on selling all its shares in Engi Oy. The ownership of the company transferred in stages by 30 June 2002.

Engi Oy, which supplied software and embedded systems development services, was a fully owned subsidiary of PKC Group Oyj. In 2001 Engi Oy's annual net sales amounted to EUR 1.6 million and the average number of personnel was 18.

2001

Sale of PKC Electroplast Oy

PKC Group Oyj sold on November 25, 2001 its plastics technology company PKC Electroplast Oy, to the company's operational management.

PKC Electroplast Oy's core expertise areas were plastic mould R&D and production as well as connection cord business. At the time PKC Electroplast Oy had 44 employees and it was expected to achieve net sales of about EUR 4 million in 2001.

2001

Sale of connection cord business to PKC Electroplast Oy

PKC Group Oyj´s connection cord business was sold to PKC Electroplast Oy and the business transferred on 1.1.2001.

2000

PKC Electronics Oy´s merger with PKC Group Oyj

PKC Group Oyj's merger with its subsidiary PKC Electronics Oy was completed on June 30, 2000.

2000

Spin off of services related to software and embedded systems

PKC Group Oyj spun off the Group's services related to software and embedded systems into The Engi Oy, a company established for the transfer of operations.

2000

Acquisition of Hakutechno Engineering Oy

PKC Group Oyj acquired the majority (70%) of the share capital of Hakutechno Engineering Oy, a technology company specialised in plastic components for the electronics industry. The acquired company was renamed PKC Electroplast Oy.

2000

Establishment of Dutch operations

Establishment of Dutch operations continues: PKC Group Oyj established PKC Netherlands Holding B.V. as a holding company and the Dutch subgroup´s parent company. Ownership of PK Cables Nederland B.V.´s shares was transferred to PKC Netherlands Holding B.V. and PKC Europe B.V. in Waalwijk was established.

1999

Establishment of Dutch operations

PKC Group Oyj established PK Cables Nederland B.V. (wiring harness factory) in Waalwijk in the Netherlands.

1998

Acquisition of Electronics business

PK Cables Oyj acquired on the Closing day on December 31, 1998 all of the outstanding shares in Raahen TH-Elektroniikka Oy.

1997

Establishment of Brazilian operations

Establishment of Brazilian subsidiary PK Cables do Brasil.