The process of the acquisition
In 2011, a rumors that 'KKT was going to be sold' was spreading, and some researhers in KKT chose to quit for the uncertainty future.
Subsequently, the orders from BMW and Benz had been suspended. Then, KKT was evaluated to be risk supplier by Ford and VW, which led to a market crisis to KKT.
Receiving the invitation of KKT, Lingyun team had gone to Germany to visit some of the clients with KKT management team.
Visit Ford, Volkswagen and Benz
They visited Ford, VW and Benz one after another. Lingyun team introduced the situation of their market share and development prospect. Finally, the clients reassured.
The market had been expanded
Not only had the market been stabilized, but also expanded.
Equity acquisition of Kiekert AG by Lingyun Industrial Group Corporation under NORINCO GROUP
The signing ceremony of 100% equity interest acquisition of Kiekert AG (KKT) by Lingyun Industrial Group Corporation (Lingyun Group) under China North Industries Group Corporation (NORINCO GROUP) was held in Beijing on March 13.
The equity acquisition is a part to implement the strategy of globalization in the auto parts field for NORINCO GROUP, indicating China has possessed the international leading core technology, high-quality products, high-end clients as well as the mature R&D system in automobile door locks manufacturing.
With an amazing history for over 150 years, KKT, an enterprise is renowned for manufacturing automobile door locks all over the world, becoming the core suppliers of Volkswagen, Ford, BMW, Mercedes-Benz and other vehicle manufacturers, which achieves the first place of worldwide market share of the automobile door locks.
Zhang Guoqing, president of NORINCO GROUP, is optimistic about this overseas acquisition. He pointed out that, the development of key auto parts, an essential part of NORINCO GROUP to construct national heavy equipment, specialty chemicals, photoelectric important industry base, which substantially enhances the technological innovation capability and promotes the technical status, market position and strategic position of NORINCO GROUP in the field of international auto parts.