- Mahindra & Mahindra (M&M) said on Friday that for an undisclosed amount, its subsidiary Mahindra Two Wheelers Europe will fully acquire Peugeot Motocycles (PMTC) based in France.
- M&M had announced in October 2014 that it would buy a € 28 million 51 percent stake in Peugeot Motocycles (PMTC). In January 2015, the transaction was completed.
Mahindra & Mahindra (M&M) said on Friday that for an undisclosed amount, its subsidiary Mahindra Two Wheelers Europe will fully acquire Peugeot Motocycles (PMTC) based in France.
“We are seeing positive momentum at Peugeot Motocycles. Kisbee is becoming Europe’s largest selling 50cc vehicle, Peugeot Metropolis is becoming stronger in Europe and China, the positive market response to the new release of the Urban GT linked Pulsion is all-important,” said M&M President-FES & Two Wheelers Rajesh Jejurikar.
Nevertheless, the homegrown car major did not reveal financial details.
The purchase will assist the company in launching seven new products from 2019 to 2021.
Commenting on the deal, Jean-Philippe Imparato, CEO of Peugeot Group, said: “This shareholders ‘ decision will ensure that Peugeot Motocycles profits from the experience of a major global player in the two-wheelers industry.” He added: “We at Peugeot will sustain our dedication in our use of the Peugeot group and broaden our support for design and technological innovation.
Under the trade license agreement between PMTC and Peugeot, the Peugeot name will continue to be used in the future, he said.
However, in close cooperation with PMTC management and the Mahindra Group, the Peugeot design teams will continue to assist in the design and development of PMTC products, M&M said.
The Group has a diverse business portfolio including the two-wheeler division and under many names, including the Peugeot name, it sells products.
M&M had announced in October 2014 that it would buy a € 28 million 51 percent stake in Peugeot Motocycles (PMTC). In January 2015, the transaction was completed.
PMTC is a part of France-based PSA Group. Peugeot Motocycles is a French maker of scooters and small motorcycles. Peugeot designed its first motorcycle in 1898, mounted on the rear wheel with a De Dion-Bouton engine. This design was shown but not put into production at the Paris Exhibition in 1898. Peugeot produced a tricycle in 1898, although De Dion-Bouton actually produced most of the machine.
