The German car components supplier Allgeier of the long-time president of the German Employers Association, Dieter Hundt, has been sold to the Westron Group in China. Allgeier, based in southern Germany, said that the Chinese investment group had taken an 88.9 per cent share of the company in a deal signed on July 1. The company divulged no sales price.
With Westron's entry, a major step toward strengthening and restructuring Allgeier had been accomplished and a financial stabilisation reached, the company announcement said. Westron's investment portfolio is concentrated on holdings in the automotive and technology sectors. The company is a stakeholder in various enterprises both in China and Germany. Westron's partners are also to become involved in Allgeier's operational management and apply their experience in the restructuring of the automotive industry.
Hundt, till now Allgeier's main shareholder, voiced his happiness about the new owner. With its experience and financial possibilities, Westron would successfully lead Allgeier into the future and provide all company employees outstanding prospects, he said.
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