NINGBO, CHINA — Ningbo Huaxiang Electronic Co., a major Chinese interior-trim supplier, has acquired its German counterpart HIB Trim Part Solutions Group this month for 34 million euros (272 million yuan).
HIB, of Mannheim, Germany, supplies premium wood, metal and carbon fiber interior trim to BMW, Daimler and Volkswagen Group.
Aside from its plant and r&d center in Germany, HIB has a factory in Romania.
The company, with 1,350 employees, reported sales of 80 million euros (632 million yuan) in 2012.
Huaxiang, headquartered in the east China city of Ningbo, supplies the Chinese joint ventures of VW, General Motors Co. and Ford Motor Co. The supplier, listed on the domestic stock market, made a profit of 250 million yuan on revenue of 5.6 billion yuan in 2012.
Huaxiang has actively pursued acquisitions outside China. Last year, it bought a 30 percent stake in Helbako GmbH, a German automotive electronic product supplier. It also acquired Northern Engraving Corp., a U.S. supplier of decorative trim.
In 2011, the Chinese company acquired Sellner Holding GmbH, another German automotive interiors maker. And in 2007, it purchased Lawrence Automotive, of Nottingham, England, which makes wood veneer panels.