BEIJING, May 9 (Xinhua) -- Bosch Group signed an agreement on May 2 with a Chinese consortium to sell its subsidiary Robert Bosch Starter Motors Generators Holding GmbH (SG), said a statement on the group’s website.
The purchaser consortium includes Zhengzhou Coal Mining Machinery Group Co., Ltd (ZMJ) and China Renaissance Capital Investment (CRCI).
The purchaser intends to take on all the just under 7,000 SG associates, as well as all the SG locations. It has been agreed that the purchase price will not be disclosed, according to the statement.
“We have achieved our goal and found a purchaser offering a viable industrial concept and a long-term perspective for successfully taking this business forward internationally, and thus for associates,” said Rolf Bulander, chairman of the Mobility Solutions business sector and member of the management board of Robert Bosch GmbH.
In 2015, Bosch announced it was examining strategic options for realigning the division. These included the search for a partner or buyer. Bosch is convinced that, in this constellation, the division’s competitiveness can be increased and that further stimuli for growth can be created.
Consummation of the transaction is subject to approval by the antitrust and other official authorities, as well as to the associates at the German locations consenting to the transfer to a new company.
The Bosch Group is a leading global supplier of technology and services. It employs roughly 390,000 associates worldwide, as of December 31, 2016. According to preliminary figures, the company generated sales of 73.1 billion euros in 2016.
(Edited by Yang Qi, firstname.lastname@example.org)