Kiekert: The change of shareholders is completed

Effective Wednesday, September 12, the LingYun Group became sole shareholder of Kiekert AG

(PresseBox) ( Heiligenhaus, )
Kiekert, the global market leader in automotive locking systems based in Heiligenhaus, Germany, has been acquired by Chinese automotive supplier North Lingyun Industrial Group Corporation Limited. The legally binding closing agreement between the previous shareholder consortium and LingYun took place September 12 in Düsseldorf. The purchase contract was already signed on March 13 this year in Beijing.

The acquisition of Kiekert has resulted in the creation of a supplier company with a turnover of more than one billion Euros and massive potential for global growth. Kiekert will significantly expand its locking systems business in the Asia region and is simultaneously planning to globalize LingYun's core products by bringing them to Europe and the NAFTA region. LingYun is a financially sound partner that will also support Kiekert AG in its non-organic growth.

CEO of Kiekert AG Dr. Karl Krause: "We are looking forward to working with the LingYun Group on the rapid expansion of our activities on the Chinese market and also to increase Kiekert's market share in the other growth regions around the world. The union of our two companies creates enormous potential for Kiekert and its employees, for LingYun and, in particular, for our customers. It will enable Kiekert in future to offer vehicle manufacturers a broader global product spectrum."

North Lingyun Industrial Group Corporation Limited : The LingYun Group (North Lingyun Industrial Group Corporation Limited, Beijing) is a publicly listed automotive supplier that develops, produces and markets plastic and metal components (incl. trim, specialist piping, door elements, drive shafts). With a strong focus on its domestic market of China, the LingYun Group generates a turnover of more than 700 million Euros in the automotive sector with approx. 10,000 employees at more than 40 locations. The LingYun Group is a development partner for the Chinese OEMs, as well as for most international automaker JVs. www.lyig.com
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