Marelli Holdings

Marelli Holdings, Co., Ltd.
Native name
マレリホールディングス株式会社
Mareri Hōrudingusu Kabushiki kaisha
Formerly
  • Calsonic Kansei Corporation (2000–2019)
  • Marelli Corporation (2019–2020)[1]
Company typePrivate KK
IndustryAutomotive
Predecessors
FoundedAugust 25, 1938; 86 years ago (1938-08-25)
Headquarters2-1917 Nisshin-cho, Kita-ku, Saitama, Saitama, 331-0823 Japan
Area served
Worldwide
Key people
David Slump
(President and CEO)
Products
  • Cockpit modules
  • Air conditioning units
  • Compressors
  • Heat exchanger products
  • Exhaust systems
  • Emission control devices
RevenueIncrease US$ 8.91 billion (FY 2013) (JPY 918.7 billion) (FY 2013)
Increase US$ 242 million (FY 2013) (JPY 25 billion) (FY 2013)
OwnerKKR
Number of employees
22,382 (as of March 31, 2019)
Websitewww.marelli.com
Footnotes / references
[2][3]

Marelli Holdings Co., Ltd. (マレリホールディングス株式会社, Mareri Hōrudingusu Kabushiki kaisha), formerly Calsonic Kansei Corporation, is a Japan-based multinational automotive parts manufacturer with 58 manufacturing centres spread throughout the United States, European Union, South Korea, Mexico, Thailand, South Africa, India, China, and Malaysia.

The corporation was the result of a merger in 2000 between Calsonic Corp., which specialized in air conditioners and heat exchangers, and gauge maker Kansei Corp.. Nissan increased its shareholding in the company from 27.6 percent to 41.7 percent in January 2005.[4] In November 2016, Nissan confirmed plans to sell its stake to U.S. private equity firm Kohlberg Kravis Roberts, who later obtained the rest of the company as well in February 2017.

In early 2019, Calsonic Kansei was merged with auto-parts maker Magneti Marelli, which was purchased for 6.2 billion euros from Fiat Chrysler Automobiles, by its parent and 100% owning fund, KKR, with Marelli as its new unified brand.

History

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On August 25, 1938, Calsonic Corp. was founded as Nihon Radiator Manufacturing Company, Ltd., with radiators as its product line.[5] Nagao Gentaro was its first president.[5] In 1952, the company was renamed more simply as Nihon Radiator Company.[5] Nissan Motor would purchase 60% of the company's share in April 1954 for the purpose of securing the supply of radiators.[6][5] That same year, Nihon Radiator began producing mufflers, and a year later it began producing car heaters.[5]

The name "Calsonic" was first used in 1976 to refer to Nihon Radiator's first overseas manufacturing plant in California within the United States, combining the state's name with the word "sonic" from sonic speed to denote the company's dream of expansion.[7] By 1988, Nihon Radiator changed its name to Calsonic Corporation in celebration of its 50th anniversary.[7]

Kansei Corp. was established on October 25, 1956 as Kanto Seiki Company, Ltd., spinning off of Nissan Motor with instrument clusters as its main product.[5][6] In 1960, the company headquarters and manufacturing plant would be relocated from Akabane, Kita, Tokyo Metropolis to Ōmiya City, Saitama Prefecture (now Saitama City).[5]

On April 1, 2000, Calsonic and Kansei were merged to form Calsonic Kansei.[7][5] Nissan increased its shareholding in the company from 27.6 percent to 41.7 percent in January 2005.[4]

On November 22, 2016, American investment firm KKR & Co. announced that it will purchase Calsonic Kansei for $4.5 billion, succeeding over rival private investment firms Bain Capital and MBK Partners.[8] KKR stated that its intention in buying Calsonic Kansei would be to help its international expansion while the company's local Japanese market is shrinking.[8] By March 23, 2017, KKR officially completed the tender offer for Calsonic Kansei.[9]

On October 22, 2018, Calsonic Kansei announced that it would be merged with components manufacturer Magneti Marelli from Fiat Chrysler Automobiles (FCA), acquired by the parent fund KKR for $7.1 billion (€6.2 billion). The news was mostly wrongly reported by the press as Calsonic Kansei purchasing Magneti Marelli, while the transaction happened between KKR and FCA.[10] The company's previous bid of nearly $5.9 billion was deemed too low by FCA.[11] By May 2019, Calsonic Kansei and Magneti Marelli united under one brand name, Marelli, as part of its strategy to compete on a global scale.[12]

Business segments and products

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Sponsorship

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Calsonic Kansei is primarily associated with Kazuyoshi Hoshino's Impul racing team in Japan, sponsoring them as Calsonic since 1982 as a title sponsor. By 2016, Calsonic Kansei is the longest-running title sponsor of a motor sports team in the world.[13] As of 2023, Marelli became the main sponsor of the team, as the "Marelli, formerly Calsonic" depicts on the team's racing car.

On March 9, 2016, Formula One racing team McLaren announced a multi-year partnership with Calsonic Kansei.[14]

Calsonic is also the official radiator cooling supplier for Scuderia Toro Rosso since 2007.[citation needed]

See also

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References

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  1. ^ "Notification of company name change(Calsonic Kansei Corporation) | 2019 | News | Marelli". 24 September 2019.
  2. ^ "Company Profile". Calsonic Kansei. Retrieved January 29, 2015.
  3. ^ "Company Profile". Bloomberg L.P. Retrieved January 29, 2015.
  4. ^ a b "Nissan raises its stake in Calsonic Kansei". Autonews. 30 Nov 2004. Retrieved 20 April 2016.
  5. ^ a b c d e f g h "History | About Us". Calsonic Kansei. Calsonic Kansei Corporation. Retrieved 16 September 2019.
  6. ^ a b Anderson, Evelyn (December 2007). "Nissan's Keiretsu, 1956-1970" (PDF). Munich Personal RePEc Archive. Munich University Library. p. 7. Retrieved 16 September 2019.
  7. ^ a b c "FAQs". Calsonic North America. Calsonic Kansei Corporation. Retrieved 16 September 2019.
  8. ^ a b Fujita, Junko (22 November 2016). "KKR to buy Nissan-backed supplier Calsonic for up to $4.5 billion". Reuters. Tokyo: Reuters. Retrieved 16 September 2019.
  9. ^ "KKR Completes Tender Offer for Calsonic Kansei". Tokyo & Saitama: Business Wire, Inc. Business Wire. 23 March 2017. Retrieved 16 September 2019.
  10. ^ Fujita, Junko; Flak, Agnieszka (22 October 2018). "KKR's Calsonic buys Fiat Chrysler parts firm Magneti Marelli for $7.1 billion". Reuters. Tokyo/Milan: Reuters. Retrieved 16 September 2019.
  11. ^ Brzozowski, Aaron (22 October 2018). "Calsonic Agrees To $7.1B Purchase Of Magneti Marelli From FCA". Fiat Chrysler Automobiles. Motrolix, LLC. Reuters. Retrieved 16 September 2019.
  12. ^ Magneti Marelli (10 May 2019). "Calsonic Kansei and Magneti Marelli unite under new worldwide brand – MARELLI – as part of combined company's strategy to compete on a global scale". Magneti Marelli. Retrieved 16 September 2019.
  13. ^ "At a Glance | About Us". Calsonic Kansei. Calsonic Kansei Corporation. March 2019. Retrieved 16 September 2019.
  14. ^ Cian. "Bright future ahead for McLaren & Calsonic". F1.co.uk. Calsonic Kansei. Archived from the original on 13 October 2016. Retrieved 10 March 2016.
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