SAARBRUCKEN, Germany (May 2, 2011)—Chinese Chongqing Light Industry & Textile Holding Group Co. Ltd is to buy the whole Saargummi family of companies, including the bankrupt businesses based in Germany.
Saargummi is a global manufacturer of sealing systems mainly for automotive applications.
The company said a contract has been signed between the relevant banks, the liquidators and Chongqing. Also, Chongqing has provided the required security deposit and paid an initial purchase price installment of the contracted amounts.
The sale includes the Saargummi Germany GmbH and the whole Saargummi group. The transaction also confirms most of the jobs at the German sites and avoided a break-up of the group.
Chongqing has a turnover of about $1.9 billion and is one of the largest state-owned enterprises in China with more than 24 locations. The company's headquarters is located in Chongqing. The Chinese company has had a joint venture with Saargummi since 2006.