19-04-2022, 01:41 AM
Brazil's Tupy set to buy Traton-owned motor maker MWM, shares soar
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Brazilian auto parts company Tupy SA has signed a deal to buy motor maker MWM, formally known as International Industria Automotiva da America do Sul, Tupy said on Monday, sending its shares sharply higher.
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The deal has an enterprise value of 865 million reais (US$184.2 million), Tupy said in a securities filing.
MWM is owned by Navistar International Corp, a subsidiary of German-based vehicle maker Traton SE. It reported an operating net revenue of 2.7 billion reais in 2021, Tupy said.
The company manufactures engines for Brazilian, European and North American trucks, buses and machine makers, and also converts motors to allow them to run on natural gas, biodiesel, biogas and biomethane, Tupy said.
"This transaction is in line with Tupy's growth strategy both in current businesses, by adding value to its products, and in promoting viable decarbonisation solutions, benefiting from the high potential for biofuels (in Brazil)," it added.
Shares in Tupy were up 8 per cent at 18.11 reais in midday trading, outperforming Brazil's main stock index Bovespa, which fell 0.1 per cent.
Analysts at BTG Pactual, which rates Tupy Buy, said the deal would enhance the company's value.
Brazilian auto parts company Tupy SA has signed a deal to buy motor maker MWM, formally known as International Industria Automotiva da America do Sul, Tupy said on Monday, sending its shares sharply higher.
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The deal has an enterprise value of 865 million reais (US$184.2 million), Tupy said in a securities filing.
MWM is owned by Navistar International Corp, a subsidiary of German-based vehicle maker Traton SE. It reported an operating net revenue of 2.7 billion reais in 2021, Tupy said.
The company manufactures engines for Brazilian, European and North American trucks, buses and machine makers, and also converts motors to allow them to run on natural gas, biodiesel, biogas and biomethane, Tupy said.
"This transaction is in line with Tupy's growth strategy both in current businesses, by adding value to its products, and in promoting viable decarbonisation solutions, benefiting from the high potential for biofuels (in Brazil)," it added.
Shares in Tupy were up 8 per cent at 18.11 reais in midday trading, outperforming Brazil's main stock index Bovespa, which fell 0.1 per cent.
Analysts at BTG Pactual, which rates Tupy Buy, said the deal would enhance the company's value.