HEILIGENHAUS, Germany – Lingyun Industrial Group Corp., a public-listed automotive supplier, and two other Chinese companies signed an agreement on March 13 to acquire 100 percent of Kiekert AG, the world’s largest vehicle latch and closing systems maker, China Daily reported.
The Hebei-based Lingyun said in a statement it would take over 55 percent of Kiekert from a foreign consortium that includes BlueBay Asset Management, Silver Point Capital and Morgan Stanley.
The related company Henan North Xingguang Machinery and Electric Co., Ltd., which is under the China North Industrial Group Corp., will have a 25 percent stake. An investment foundation from Tianjin will have the rest.
Lingyun said that the takeover will help it obtain world-class vehicle parts technologies and make it possible for the company to compete in the global market.
The financial details of the deal were not disclosed.
Lingyun, a state-owned company specializing in developing, producing and selling plastic and metal components for vehicles, such as body trim, specialized tubes, door elements and drive shafts, achieved sales of more than €700 million last year.