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Business

Ayala sells entire 92% stake in German auto parts maker

Iris Gonzales - The Philippine Star

MANILA, Philippines — Ayala Corp., through AC Industrial Technology Holdings Inc., has sold its stake in German auto parts maker MT Technologies GmbH as the conglomerate refocuses on its core businesses.

“The sale of MT continues Ayala Corp.’s strategic priority to realize value through a combination of strategic partnerships and divestments from certain non-core assets,” Ayala said.

The company aims to  continue the  expansion of its core businesses in real estate, banking, telecommunications, and power, and to scale up its emerging businesses in healthcare and logistics.

In a regulatory filing, Ayala Corp. said Industrial Technology Holdings entered into an agreement for the sale of its 92.45 percent stake in MT to Germany-based Callista Asset Management 18 GmbH, an affiliate of Callista Private Equity.

MT, a majority-owned entity by AC thru AC Industrials (Singapore) Pte. Ltd., is a German auto parts maker specializing in designing and manufacturing of injection molds for metal and plastic car parts.  Its minority shareholders also sold their shares, resulting in a 100 percent transfer of MT’s ownership to Callista.

The transaction will result in an approximately EUR26 million loss, to be booked by AC Industrials and in turn Ayala.

Ayala, the country’s oldest conglomerate, is engaged in real estate and hotels  development through Ayala Land; financial services through Ayala-led BPI;  telecommunications through Globe;  water through Manila Water;  industrial technologies through  AC Industrials;  power through AC Energy;  and automotive, outsourcing and others.

AC Industrials, on the other hand,  is Ayala’s emergent industrial technologies group.  It has operations across the globe and has diverse capabilities that cover manufacturing, enabling technologies and automotive distribution.

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