Two Chongqing Enterprises Approved to Acquire Dutch and German Auto Parts Enterprises

Yesterday (29th), the Chongqing Municipal Development and Reform Commission announced that the Department of Foreign Investment of the National Development and Reform Commission recently agreed that Chongqing Mechanical and Electrical Holdings acquired Holland Haiwo International Group Corporation and China Textile Lighting Holdings acquired Sagunmi Limited to start preliminary work. The amount is about 700 million euros.

The Netherlands Haiwo International Group is a leading global manufacturer of hydraulically-related parts for commercial vehicles. It has 35 branches in 32 countries and markets its products in more than 130 countries worldwide. Its sales in the new economy are close to 75%. It is expected that the acquisition of the Netherlands Haiwo International will amount to approximately EUR 600 million.

The company is a company with more than 60 years of history in R&D and manufacturing of automotive sealing strips. The products are supplied to large automakers such as Volkswagen, Mercedes-Benz, BMW and Ford, and ranks fourth in the global automotive sealing strip industry. The company currently has 14 branches in 10 countries around the world and 10 wholly-owned factories. It is estimated that the project acquisition amount is 100 million euros.