Automotive supplier Lingyun Industrial Group Corp and 2 other Chinese companies signed an agreement on March 13 to acquire 100% of German car-lock maker Kiekert AG to strengthen Lingyun's technology and set it for global growth.
Hebei-based Lingyun said it would take over 55% of Kiekert from a foreign consortium that includes BlueBay Asset Management, Silver Point Capital and Morgan Stanley. Henan North Xingguang Machinery and Electric Co Ltd will have a 25% stake. An investment foundation from Tianjin will have the rest.
Lingyun said the takeover will help it obtain world-class vehicle parts technology, which would make it possible for the company to compete globally.
The information on this page may have been provided by a contributor to ChinaGoAbroad, and ChinaGoAbroad makes no guarantees about the accuracy of any content. All content shall be used for informational purposes only. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same to ChinaGoAbroad for publication. ChinaGoAbroad disclaims all liability arising from the publication of content received from contributors. Links may direct to third party sites out of the control of ChinaGoAbroad, and such links shall not be considered an endorsement by ChinaGoAbroad of any information contained on such third party sites. Please refer to our Disclaimer
for more details.