Fosun and its joint venture Nanjing Nangang Iron & Steel United Co. Ltd. announced they’ve completed the acquisition of a majority stake in Koller Beteiligungs GmbH, a German lightweight automotive specialist headquartered in Dietfurt, Germany.
It is the first overseas investment for Nanjing Nangang and the first overseas industrial investment in the automotive industry for Fosun.
Koller owns production facilities in Germany, Hungary and Mexico, where it recently opened a plant to supply parts for Volkswagen. The company produces injection molding composite parts and pressing tools, including the PUR-honeycomb sandwich panels for major European automotive companies, such as VW, Audi, BMW, Mercedes-Benz and Land Rover.
Koller offers solutions for automotive manufacturers who are looking to reduce energy consumption and pollutant emissions by reducing the weight of the car.
With support from its new major shareholder, Koller will both strengthen its market position in Europe as well as explore new production locations and expansion opportunities in China.
Mr. Guo Guangchang, Chairman of Fosun, said, “We are pleased with this investment in Koller, a world leading lightweight innovative solutions provider to the automotive industry. We highly respect Koller's "spirit of craftsmanship", especially in providing solutions to reduce emissions and energy consumption”.
“Environmental protection and energy saving are key global initiatives, especially in China. 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," Guangchang added.
Financial terms of the acquisition remain undisclosed.