Grammer: Chinese group wants to take over automotive supplier grammer

Another German company is bought by a Chinese company: the group Jifeng hopes to gain better access to international markets with grammer.

Grammer: Chinese group wants to take over automotive supplier grammer

The Chinese group Jifeng wants to take over Bavarian automotive supplier Grammer. An investor agreement was already signed, company shared with it. The supervisory board and stock Exchange and employees responded positively. Jifeng has voluntarily given far-reaching guarantees, said Amberger IG Metal chief and Deputy supervisory board chairman of Bavarian company Horst Ott.

Grammer employs 15,000 employees, of which 2,000 is headquartered in Amberg. Exactly one year ago, management and workers were still jointly opposed to a takeover of power by controversial Bosnian investor family, Hastor. Jifengs entry as a new shareholder was welcomed as a rescue.

In meantime, Jifeng holds 26 percent of shares and announced a takeover bid to all shareholders. The offer is expected to be 17 percent higher than current share price. The Upper Palatinate car supplier would be worth 772 million euros. As envisage, 50 percent plus one share were agreed. Wher all shareholders sell ir shares is open.

Employee representatives are confident

The Chinese major shareholder has assured receipt of all sites for five years and all jobs for seven and years, said employee representative Ott. "Someone who has nothing good in mind wouldn't do that." The far-reaching security makes him confident that Jifeng really wants a strategic partnership.

Grammer has generated 1.8 billion euros in sales with headrests and center consoles for cars and with seats for tractors, construction machines and trucks last year. Jifeng produces headrests and armrests for Chinese carmakers, but with 250 million euros sales is much smaller than grammer. The company belongs to two thirds of Wang family.

Through Grammer, Jifeng get access to international markets and companies could save costs, said board Jimin Wang. "We have ambition to become one of world's leading automotive suppliers in next five years." The share price of grammer increased by around 20 percent on Tuesday.

Jifeng hopes that second major shareholder, Bosnian investors family, will Angebotannimmt and get out. Grammer could thus again receive easier orders from German car industry. Companies in which Hastor is involved had stopped deliveries in dispute with VW and thus prevented production of VW in Wolfsburg and Emden. Hastor currently holds 19 percent of grammer.

China wants to make country an industrial superpower by 100 founding day of People's Republic in year 2049. Over past four years, Chinese corporations have taken over 175 companies or acquired shareholdings on way re, such as car manufacturer Daimler or robot manufacturer Kuka.

Date Of Update: 30 May 2018, 12:02

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