Sun set to shine on Inalfa deal
Updated: 2011-07-04 16:52
(chinadaily.com.cn)
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Beijing Hainachuan Automotive Parts Co Ltd, a subsidiary of BAIC Group, said its acquisition of Inalfa Roof Systems will be completed next month after it passes antitrust scrutiny by the Chinese government.
Hainachuan reached an agreement to buy 100 percent of the Netherlands company in April after beating out four other bidders including Austria-headquartered assembly giant Magna Steyr.
Inalfa is one of the world's largest suppliers of systems and components used in sunroofs.
Hainachuan will pay about 190 million euros ($271 million) in the acquisition, said its president Guo Xinmin.
In addition to Europe, Inalfa has facilities in China, the US, South Korea, Brazil, Mexico and Japan. Its China headquarters is in Shanghai where it also has an R&D center. It has a factory in Yantai, Shandong province.
Inalfa supplies roof systems to transnational manufacturers such as BMW, Daimler, Ford, General Motors, Volkswagen, Volvo, Renault, Nissan, Hyundai and Kia. Chinese carmakers Chery and Geely are also its clients.
It is estimated that Inalfa will generate 500 million euros ($713 million) in revenue this year.
Inalfa CEO Marcel Schabos said in April that the move will enable the company to "take advantage of the considerable growth opportunities in Asia"....
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