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 by Staff Writers Frankfurt (AFP) March 13, 2012
Chinese automotive supplier Heibei Lingyun Industrial Group Corporation has acquired Kiekert, a German maker of latch systems for cars, the German company announced on Tuesday. Kiekert said in a statement that " following intense negotiations" its current investors -- a consortium comprising BlueBay Asset Management, Silver Point Capital and Morgan Stanley -- had agreed to sell the German group to Lingyun. Financial details were not disclosed, but Kiekert has annual sales of more than 500 million euros ($658 million) and employs a workforce of 4,000 in Germany, the Czech Republic, the United States, Mexico and China. Lingyun, for its part, has a workforce of around 10,000 and sales of of more than 700 million euros.
Car Technology at SpaceMart.com
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