Interior trim supplier Huaxiang acquires 2 units from bankrupt German firm
Ningbo Huaxiang Electronics Co., a major Chinese interior trim supplier, will acquire two units of bankrupt German supplier Sellner Holding GmbH in a bid to gain access to the German and U.S. markets.
The two businesses are Sellner GmbH in Germany and Sellner Corp. in the United States. Both produce wooden interior components for automobiles, according to Huaxiang.
Huaxiang will pay 19 million euros (163 million yuan) for Sellner GmbH and its plastic interior parts subsidiary IPG Industrieplast. It will acquire Sellner Corp. for 23 million yuan.
In addition, Huaxiang will pay 52 million euros to purchase Wech CHEB, a company in Czech Republic that provides plywood pressing services for Sellner GmbH.
Sellner Holding's major customers are Audi AG, Mercedes-Benz and BMW AG. It went bankrupt in January.
Huaxiang, located in the east China city of Ningbo, mainly supplies Chinese joint ventures of Volkswagen AG, General Motors and Ford Motor Co. It is listed on the Shenzhen Stock Exchange, a domestic bourse.
In 2010, Huaxiang posted a profit of 420 million yuan on revenue of 3.3 billion yuan.
