this year because of the cost of buying stock from the opposing shareholders.
A total of 93% of Mobis shareholders are in favour of the merger, which will come into effect on 25 June 2009. The purchase would help Mobis in widening its product range. The company also estimates that with this purchase it can cut as much as $481m in annual costs by 2015.
More than 90% of Mobis’ sales come from selling parts to Hyundai Motor and Kia Motors. The Autonet purchase is a part of Mobis’ strategy to increase sales to OEMs other than Hyundai and Kia to about 25% of its total sales in the longer term.
