(Yicai Global) Dec. 15 -- Piston maker Bohai Automotive Systems Co. [SHA:600960] plans to spend EUR61.5 million (USD72.5 million) on a 75-percent stake in a German aluminum alloy parts maker to become its controlling shareholder and expand its research, development and production of mid- to high-end products.
The Shandong-based firm struck a deal with Trimet Automotive Holding GmbH and its sole shareholder, Trimet Aluminium SE, the buyer said yesterday evening.
Lightweight parts are core components in new-energy vehicles, so the acquisition will help the buyer improve product quality to quickly snap up market share in the sector, it added. The deal will also provide a solid foundation for the company to expand its product lines and break into the global market.
Trimet Automotive is a well-known manufacturer of lightweight aluminium alloy parts and a leading brand in Europe's automotive casting industry, the statement said, adding that the target has solid long-term partnerships with prominent auto brands Daimler, BMW, Audi, Volkswagen and Volvo.