Stoneridge, Inc. has sold its Wiring Business Segment assets to Motherson Sumi Systems Limited. The transaction involves approximately 4,700 employees and is expected to close in the third quarter of 2014, subject to customary closing conditions including required regulatory approvals. Financial details of this transaction have not been disclosed.
Stoneridge’s Wiring Business Segment designs and manufactures wiring harness products for sale principally to the commercial, agricultural and off-highway vehicle markets, as well as assembles entire instrument panels that are configured specifically to an OEM customer’s specifications in the commercial vehicle market.
Motherson Sumi Systems Limited is a manufacturer of diversified products for the global automotive industry having manufacturing operations in 25 countries.
Founded in 1965, Stoneridge, Inc. is a global designer and manufacturer of highly engineered electrical and electronic components, modules and systems for the commercial vehicle, automotive, agricultural and off-highway vehicle markets.
Oaklins' team in Cleveland served as primary facilitator to the seller in this transaction.
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