According to Hong Kong media reports, the Chongqing Textile Holding Group recently held a press conference that the company has completed the acquisition of Sagami Group ("SG Group"), which is by far the largest Chinese auto parts supplier to German companies. The acquisition amounted to approximately RMB 627 million. At this point, SG Group became a wholly-owned subsidiary of Chongqing Textile.
SG Group is a German multinational enterprise group with automotive seals as its main products. It has 12 plants in 9 countries (including 9 solely-owned factories and one joint venture in China, India and Russia). The total assets are 3 With more than 100 million euros, sales revenue reached 360 million euros in 2010, ranking third in the world and first in Europe. Due to the impact of the financial crisis, the SG Group's capital chain was broken, and the Bank filed for bankruptcy protection and sought mergers and acquisitions. The acquisition made Chongqing Textile Group become the first multinational operating company in Chongqing across Europe, Asia and the United States.
Chongqing Textile is wholly-owned by the Chongqing State-owned Assets Supervision and Administration Commission. Its predecessor was a company transformed from Chongqing Light Industry Bureau, Textile Bureau, and Building Materials Bureau in 2000. According to Cui Jian, Deputy Secretary General of the Chongqing Municipal Government and Director of the SASAC, the overall merger and acquisition of Chongqing SG with the SG Group is one of the largest projects in which China directly invests in Germany. It has cultivated a large-scale transnational operation with international competitiveness for Chongqing Textile. It is of great significance for the company to enhance the Group’s technological level and the “Chongqing-made†voice in the automotive industry. At the same time, it also promoted the establishment of a friendly relationship between the Saarland government of Germany and Chongqing Municipality, and raised the public influence of Chinese companies and Chongqing Municipality in Germany, drawing a heavy emphasis on the implementation of the “going out†strategy for state-owned enterprises in Chongqing and even China. One stroke.
SG Group is a German multinational enterprise group with automotive seals as its main products. It has 12 plants in 9 countries (including 9 solely-owned factories and one joint venture in China, India and Russia). The total assets are 3 With more than 100 million euros, sales revenue reached 360 million euros in 2010, ranking third in the world and first in Europe. Due to the impact of the financial crisis, the SG Group's capital chain was broken, and the Bank filed for bankruptcy protection and sought mergers and acquisitions. The acquisition made Chongqing Textile Group become the first multinational operating company in Chongqing across Europe, Asia and the United States.
Chongqing Textile is wholly-owned by the Chongqing State-owned Assets Supervision and Administration Commission. Its predecessor was a company transformed from Chongqing Light Industry Bureau, Textile Bureau, and Building Materials Bureau in 2000. According to Cui Jian, Deputy Secretary General of the Chongqing Municipal Government and Director of the SASAC, the overall merger and acquisition of Chongqing SG with the SG Group is one of the largest projects in which China directly invests in Germany. It has cultivated a large-scale transnational operation with international competitiveness for Chongqing Textile. It is of great significance for the company to enhance the Group’s technological level and the “Chongqing-made†voice in the automotive industry. At the same time, it also promoted the establishment of a friendly relationship between the Saarland government of Germany and Chongqing Municipality, and raised the public influence of Chinese companies and Chongqing Municipality in Germany, drawing a heavy emphasis on the implementation of the “going out†strategy for state-owned enterprises in Chongqing and even China. One stroke.
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