M&M wins bid for acquisition of Ssangyong Motor Company
SYMC is a Korean manufacturer of auto and aggregates, with 7 models under 5 brands. The 7 models include 2 large sized sedans, 4 SUVs and 1 MPV. It also has a manufacturing plant for gasoline and diesel engines as well as axles. SYMC is a significant player in the SUV segment in Korea, having recorded 1.3 million SUV sales from 1990 to 2009. It has a strong brand and presence in Europe, Russia, South America, the Middle East, Africa and Asia. Established in 1962, SYMC has more than 1,200 dealers globally. It has R&D manpower strength of around 600 people and modern R&D infrastructure for design, testing and validation.
This strategic acquisition, when concluded, would make Mahindra and SYMC together a force to reckon with in the global SUV space. It is intended that SYMC will continue to function as an independent entity with Korean management.
"Korea is one of the world's leading centres of automotive excellence and Ssangyong brings with it a rich legacy of R&D and innovation. Mahindra and Ssangyong will create synergy, which will make us significant global players," said Mr. Anand Mahindra, Vice Chairman and Managing Director, Mahindra Group.
"Ssanyong has very strong competencies and capabilities in technology. We are committed to leverage this competency by investing in a new Ssangyong product portfolio to gain momentum in global markets," said Dr. Pawan Goenka, President, Automotive and Farm Sector, Mahindra & Mahindra Ltd.