HEILIGENHAUS, Germany, Aug. 20, 2015 /PRNewswire/ -- German Kiekert AG, the leading global developer of automotive locking systems, is expanding its presence in China.
The company recently acquired full ownership of Henan North Xingguang Locking Systems Co. Ltd., a manufacturer of door, hood and trunk locking systems in which Kiekert has held a minority interest since 2005.
The Henan North Xingguang's 140,000-square-meter production facility in Zhengzhou in the Chinese province of Henan will operate as Kiekert China Zhengzhou (KCZ).
The acquisition supports Kiekert's strategy for continued growth in China and will increase the company's share of the Asian market for automotive locking systems by up to 20 percent, according to Dr. Karl Krause, Kiekert's CEO.
Founded in 2005, Henan North Xingguang has 550 employees and reported sales of $57 million last year. The company supplies automotive locking systems to leading car makers throughout China. Financial terms of the acquisition were not released.
"The transfer of our Kiekert DNA' to our new colleagues in Zhengzhou will ensure the successful continuation of our globalization," said Dr. Karl Krause. "With KCZ we are creating new capacity to support our customers and the growth in China and Asia."
About Kiekert AG – www.kiekert.com
Kiekert has had a presence in China with R&D and product development centers in Changshu in the Jiangshu providence since 2008. Due to the increasing demand for locking systems, Kiekert has more than doubled its production in China since 2012. With the addition of Kiekert China Zhengzhou, Kiekert's employment in China now totals more than 1,000.
Founded in 1857, Kiekert AG is recognized as the global auto industry's leading developer of car, light truck and commercial vehicle locking systems. The company has six development centers, seven production sites and two sales locations with 5,600 employees in nine countries. Kiekert develops, produces and sells tailor-made solutions for its customers. The company's global sales in 2015 are expected to reach 800 million euros.