CK Holdings Co. Ltd., a holding company of Calsonic Kansei Corp., has completed its previously announced acquisition of Magneti Marelli S.p.A. from Fiat Chrysler Automobiles N.V. (FCA).
The combined business will operate under the entity “Magneti Marelli CK Holdings Co. Ltd.”
The completion of the transaction is a key milestone in creating a leading global independent automotive supplier, says CK Holdings.
This transaction, which has received all the necessary regulatory and anti-trust approvals, combines two successful businesses, with total revenues of EUR 14.6 billion (approximately $16.3 billion US). The combined entity creates the world’s seventh largest global independent automotive supplier, based on total revenues, and will operate out of 170 facilities and R&D centers across Europe, Japan, the Americas and Asia Pacific.
The combined business will be led by Beda Bolzenius, currently CEO of Calsonic Kansei, based in Japan. Ermanno Ferrari, CEO of Magneti Marelli, will join the Magneti Marelli CK Holdings board.
Bolzenius and Magneti Marelli issued a joint statement, which said, “We are delighted that today we formally come together as one company. In the past 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. 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.”
