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In a one-million-euro deal, China's Fuyao Glass acquires German company
Shanghai. November 14 (Gasgoo.com) – Chinese biggest automobile glass maker, Fuyao Automotive Glass Group announced it has acquired 100 percent stake of German company SCHE35 Verwaltungsgesellschaft mbH formerly owned by Zehner Industriebeteiligungs-GmbH.
After the 1.02 million euros deal, SCHE35 Verwaltungsgesellschaft mbH was renamed as Fuyao Europe GmbH, according to Shanghai Securities News report.
SCHE35 Verwaltungsgesellschaft mbH was an automotive glass producer headquartered in Heilbronn, Germany. Its customers include Audi, Volkswagen, Mercedes-Benz and Porsche.
The acquisition deal will give Fuyao Glass's an edge in the whole automotive glass business chain, from production to logistics to aftermarket services. It will help Fuyao Glass to better serve local customers in Europe, Shanghai Securities News said.
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