update

Motherson Sumi Systems(MSSL):

Auto component major  Motherson Sumi Systems (MSSL) has completed USD65.7-million deal for acquiring wiring harness business of US-based Stoneridge Inc. Commenting on the development.Samvardhana Motherson Group Chairman VC Sehgal said: "This acquisition reaffirms our commitment to our customers and reiterates our vision of being a globally preferred solutions provider."
The business has strong synergies with MSSL's existing business, products, customer segments and operations, he added.

Stoneridge's wiring business designs and manufactures wiring harness products for sale principally to commercial, agricultural and off-highway vehicle markets. 
"The addition of these manufacturing facilities would enable MSSL to service the growing requirement of the customers in the region. With this acquisition, MSSL now has over 45 plants related to wiring harness business," the company said in a statement. The current revenue of acquired business is around USD 300 million, it added.
The acquisition includes six manufacturing facilities located in Portland, Indiana (USA); Chihuahua, Saltillo, Mexico and Monclova in Mexico; as well as an engineering and administrative centre located in Warren, Ohio (USA). 

The current revenue of acquired business is around USD 300 million, it added. 

On August 01, 2014, Motherson Sumi Systems closed at Rs 352.35, down Rs 12.2, or 3.35 percent. The 52-week high of the share was Rs 382.70 and the 52-week low was Rs 124.02.