Germany’s Bosch sells subsidiary to China’s ZMJ

AFP, Berlin: Germany's Bosch, the world's largest auto parts supplier, said Tuesday it had sold its subsidiary making starter motors and generators to a Chinese buyer.
It did not disclose the price, but industry sources estimated it at more than 500 million euros ($550 million).
The buyers are Zhengzhou Coal Mining Machinery Group Co. (ZMJ) and Hong Kong-based China Renaissance Capital Investment, the German company said in a statement.
Their purchase of Robert Bosch Starter Motors Generators Holding GmbH (SG) is still subject to approval by antitrust and other  authorities.  The buyers said they would keep the company's almost 7,000 staff at 16 locations in 14 countries.
"ZMJ will support SG in further expanding its competitive product portfolio," said the Chinese company's CEO Chengyao Jiao in a statement.
"Improved regional presence, especially in Asia, will allow SG's business to be expanded sustainably and profitably."
ZMJ is a major Chinese automotive supplier, making starters and generators as well as engine components for commercial vehicles and passenger cars.

Germanys Bosch sells subsidiary to Chinas ZMJ

AFP, Berlin: Germanys Bosch, the worlds largest auto parts supplier, said Tuesday it had sold its subsidiary making starter motors and generators to a Chinese buyer. It did not disclose the price, but industry sources estimated it at more than 500 million euros ($550 million). The buyers are Zhengzhou Coal Mining Machinery Group Co. (ZMJ) andHong Kong-based China Renaissance Capital Investment, the German company said in a statement. Their purchase of Robert Bosch Starter Motors Generators Holding GmbH (SG) is still subject to approval by antitrust and otherauthorities. The buyers said they would keep the companys almost 7,000 staff at 16 locations in 14 countries. ZMJ will support SG in further expanding its competitive product portfolio, said the Chinese companys CEO Chengyao Jiao in a statement. Improved regional presence, especially in Asia, will allow SGs business to be expanded sustainably and profitably. ZMJ is a major Chinese automotive supplier, making starters and generators as well as engine components for commercial vehicles and passenger cars.