CK Holdings Co Ltd, a holding company of Calsonic Kansei Corporation has completed the acquisition of Magneti Marelli S.p.A. from Fiat Chrysler Automobiles NV (FCA). The combined business will operate under the entity Magneti Marelli CK Holdings Co Ltd. Completion of the transaction is a key milestone in creating a leading global independent automotive supplier, the company noted. 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.
This acquisition, which has received all the necessary regulatory and anti-trust approvals, combines two successful businesses, with combined revenues of € 14.6 bn, the company said. It added that the combined entity is the seventh largest global independent automotive supplier, based on total revenues. The new entity will operate out of 170 manufacturing facilities and R&D centres across Europe, Japan, the Americas, and Asia Pacific.
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.” As part of this, the relationship with FCA remains an important one, as the company continues to serve them as part of its multi-year supply agreement, he added. Bolzenius further said that integration is a key priority to serve customers as one firm, for which efforts will be coordinated to focus on creating a globally-diversified tier-one supplier.