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In this Edition November 2011 |
COMPANY NEWS |
MATERIALS NEWS |
MACHINERY NEWS |
INJECTION MOULDING ASIA |
RUBBER JOURNAL ASIA |
 ELECTRONIC ISSUE |
PRA October-November 2011 Electronic Issue Still Available |
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Injection Moulding Asia
Chinese auto parts supplier aiming for leading position
C
hinese interior trim supplier Ningbo Huaxiang Electronics will acquire three units of bankrupt German supplier Sellner Holding, to expand its markets to Europe and the US. It is paying EUR27.3 million for the companies, which produce wooden interior components for the automotive industry, making it the second largest global supplier in this market upon closing of the deal.Germany-based Sellner is a leading supplier of high-end automotive interior decoration components and the second largest supplier of natural mahogany high-end automotive interior decorations with 20% of the market.
Sellner has long-term supply agreements with BMW, Daimler and Audi. In 2010, it had sales of EUR225 million. Parts of the Sellner Group had to file for insolvency at the start of 2011.
The transaction is the first foreign acquisition by Huaxiang, a family-run company that is listed on the Shenzhen stock exchange and has 5,000 employees at 15 sites in north-east China, Shanghai, Ningbo and Jianxi province. Its parent company, Huaxiang Group, is one of 500 leading private companies in China
At the end of September, Huaxiang injected capital and updated production of its high-end interior decoration, with a view towards supplying BWM and Volkswagen. The project is expected to generate a revenue of RMB230 million.