Aptiv PLC is acquiring a German micro duct supplier for $310 million in the latest move to bolster its electric vehicle and autonomous driving business.
Aptiv, whose North American base is in Troy, signed an agreement to buy Systemtechnik GmbH, commonly called gabocom, from private equity firm Bregal Unternehmerkapital, according to a Wednesday news release.
Gabocom makes micro duct systems that protect cables for the telecommunications industry. It will be folded into Aptiv's HellermannTyton business, which manufactures products that protect cables for industries including automotive, aerospace, defense and energy.
"This transaction broadens our capabilities in the telecommunications market and expands our platform for growth in key industrial markets," Aptiv President and CEO Kevin Clark said in the release.
Aptiv is continuing a series of acquisitions it made leading up to its spin-off from Delphi Technologies PLC in 2017. It acquired automated driving software company Ottomatika in 2016 and software businesses Movimento and NuTonomy the following year.
Aptiv saw its second-quarter net income fall 5.8 percent to $274 million, and its revenue fall 1.5 percent to $3.63 billion. It cited low vehicle production and a flat commercial vehicle market as the cause. Its stock was trading at $85.11 per share as of closing Tuesday, down about 2.6 percent from where it opened.
Aptiv ranks No. 20 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $12.87 billion in 2018.