Chinese JV Invests in German Auto Maker
Fosun and its joint venture with Nanjing Nangang Iron & Steel United announced it completed the acquisition of a majority stake in Koller Beteiligungs GmbH (Koller), a German lightweight automotive specialist headquartered in Dietfurt, Germany.
Koller owns production facilities in Germany, Hungary and Mexico. It produces injection molding composite parts and pressing tools, including the PUR-honeycomb sandwich panels for major European automotive companies, such as Volkswagen, Audi, BMW, Mercedes and Land Rover.
“Lightweight technology could effectively decrease the energy consumption and promote sustainable development. I believe there will be greater demand for high quality and innovative lightweight products and solutions and we look forward to working closely with the Koller Group in bringing their products to these markets” said Guo Guangchang,chairman of Fosun.
“New Materials is one of Nanjing Nangang’s core segments for the business transition, and will become part of our major business section.” said Huang Yixing, chairman of Nanjing Nangang.
It is the first overseas investment for Nanjing Nangang and the first overseas industrial investment in the automotive industry for Fosun. Koller’s products and lightweight solutions follow the constraints of all automobile manufacturers worldwide, to reduce the cars’ weight and exhaust emissions, regardless of the drive technology selected, the company said.
- APMR News