Mar. 14, 2012 (China Knowledge) - Hebei
Lingyun Industrial Group Co Ltd, a subsidiary of China North Industries Group Corp, said yesterday that it has acquired German car-lock maker Kiekert with two other Chinese companies, said the group at a press release.
Lingyun Industrial Group said that it will hold a 55% stake in Kiekert, the world's leading producer of latch systems for passenger cars. In addition, another subsidiary of China North Industries Group will take a 25% stake and a Tianjin-based
equity investment fund own the remaining 20%.
The takeover will help Chinese companies enter the high-end auto parts market and strengthen their competiveness in the globe.
Kiekert, with a history of more than 150 years in the car latching systems, has the largest global share in the industry. The company has five fully-owned subsidiaries in the U.S., Czech, Mexico, South Africa and China as well as two joint-stock affiliates.