SRI - Stoneridge to sell minority interest in Minda Stoneridge Instruments

Stoneridge (NYSE:SRI) has announced a share purchase agreement (SPA) to sell its 49% interest in Minda Stoneridge Instruments ("MSIL") to Minda Corporation. Prior to entering into the SPA, Stoneridge and Minda owned 49% and 51%, respectively, of MSIL. The purchase price of the MSIL equity shares is $21.5M equivalent Indian Rupee which is payable in U.S dollars at closing. The transaction is expected to close by December 30, 2021. Based in India, MSIL produces electronics, instrumentation equipment and sensors primarily for the motorcycle, commercial vehicle and automotive markets. Jon DeGaynor, CEO & President at Stoneridge, commented, "This transaction allows Stoneridge to continue its transformation by aligning our resources with our greatest areas of opportunity.  We value the partnership we have developed with Minda through MSIL and wish them continued success going forward."

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Stoneridge to sell minority interest in Minda Stoneridge Instruments