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The Lingyun Industrial (Group) Corp, in the city of Baoding, Hebei province, a part of the China North Industries (Group) Corp, has acquired 100 percent of the equity of Kiekert AG, Europe’s largest frame lock enterprise, recently, China North’s first overseas acquisition.
Li Xizeng, the chairman of Lingyun Industrial, explained the move by saying, “Where there’s technical capacity, there’s a future. The value of the acquisition of Kiekert AG lies in both its 500 million euros in annual sales and in its innovation, sustainable development, and profitability.”
Lingyun Industrial is a large group involved in domestic auto parts manufacturing and plastic building materials. Its metal auto parts hold a 33-percent share of the Chinese market, putting it in first place. Its auto pipe system holds a more than70-percent share of the domestic truck market, also a first-place position.
Kiekert AG is a multinational company with some of the most advanced technology in the car lock industry, and has a more than 150-year history.
Li, in expressing confidence in the company future, said, “The corporation will make full use of the talent and technology of Kiekert AG to improve its technical and R&D ability and to speed up its internationalization and specialization. Meanwhile, it will join the international procurement system through an overseas acquisition to increase it overseas auto parts sales.”
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