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Ichikoh Industries: Motherson’s First Acquisition in Japan.

KARREP by KARREP
October 12, 2022
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Ichikoh Industries: Motherson’s First Acquisition in Japan.
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Samvardhana Motherson Automotive Systems Group BV, through its Vision systems division, has entered into an agreement with Ichikoh Industries in Japan to buy 100% stake of its mirror business at an Enterprise Value of JPY 5.2 bln. 

The transaction includes Ichikoh’s mirror business in Japan and China, catering largely to Japanese OEMs. The target business reported revenues of JPY 15.8 bln in 2021. With this transaction Motherson will add three manufacturing facilities across Japan and China and 260 patents to its IP portfolio. This acquisition will be a major milestone in the group’s relationship with Japan which began in 1983 with its first collaboration. As the 3rd largest automotive production hub with strong technology leadership, Japan remains a key target market for Motherson. In July 2022, Motherson established two facilities in Hamamatsu, Japan and this acquisition is the next major step in line with the Group strategy of 3CX10 with increased geographic and customer diversification. Completion of this transaction will provide Motherson with strong local R&D and manufacturing footprint, further strengthening the group’s relationship with Japanese OEMs. The improved customer connection with Japanese OEMs is expected to be a key catalyst for growth across the global footprint of these customers.

This will be the third acquisition under the Vision systems business division during the current five-year plan following acquisitions in Turkey and China. With this transaction, Vision systems will achieve majority of its strategic geographical expansion objectives that were highlighted as a part of the Group’s 2025 five year plan. The increased share of Japanese OEMs which were previously under-represented in the Vision system portfolio will create additional growth opportunities for the division in the future.

The proposed deal is expected to be closed in 6-8 months subject to completion of all conditions precedent Commenting on the deal, Vivek Chaand Sehgal, Chairman, Motherson said:

“Inorganic growth is an integral part of our Vision 2025. With this acquisition, Motherson will acquire a design and manufacturing footprint in Japan enabling closer coordination and stronger relationship with Japanese customers both for their local as well as global business. This will also help Visions Systems to expand its geographical reach in China and in its ability to grow business with Japanese OEMs. Being an EPS accretive transaction, we are confident that we will be able to create value for our customers and shareholders by this acquisition”

Christophe Vilatte, President and CEO, Ichikoh Industries, Ltd. said:

“Ichikoh is a pioneer of the automotive mirror business in Japan with its long history and close relationship with Japanese OEM customers. I am convinced that with Motherson Group’s advanced technologies and global presence, Ichikoh mirror business will be in a stronger position to continue meeting its customers’ expectations and realising further growth. At the same time, Ichikoh will focus on its expertise in lighting, which is currently undergoing a profound revolution.”

 

 

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