Beijing WKW Automotive Parts Co.,Ltd. and two other strategic partners completed the acquisition of 50% stake in Marlok Automotive GmbH.
September 10, 2020
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Beijing WKW Automotive Parts Co.,Ltd. (SZSE:002662) and two other strategic partners signed an equity transfer agreement to acquire 50% stake in Marlok Automotive GmbH for €0.7 million on September 10, 2019. Siegfried Marlok will continue to be Managing Director of Marlok Automotive and will drive the integration of both companies. Marlok Automotive GmbH reported revenues of 13.4 million, total assets of 7.6 million, negative EBIT of 0.5 million, negative net income of 0.3 million and total common equity of 1.8 million for the year ended 2018. The transaction is subject to certain preconditions. According to the terms consideration will be paid after delivery conditions are triggered. The transaction is subject to German regulatory approval, obtaining China's foreign investment related approvals and fillings, obtaining German foreign investment license and passing of the resolution by board of directors. As on September 24, 2019, Beijing WKW Automotive Parts approved held the 45th Meeting of the 4th Directorate, and approved the acquisition of Marlok Automotive GmbH’s 50% stake.
Beijing WKW Automotive Parts Co.,Ltd. (SZSE:002662) and two other strategic partners completed the acquisition of 50% stake in Marlok Automotive GmbH on September 10, 2020.
Beijing WKW Automotive Parts Co.,Ltd. is a China-based company principally engaged in the research, development, manufacture and distribution of middle- and high-end auto parts. The Companyâs main products include automotive internal and external decoration products, key functional parts and intelligent electronic integration control systems, among others. The Company also provides design and development services, as well as integrated matching solutions.