China's Ningbo Joyson Electronic Corp. is planning its second acquisition of a German auto supplier, announcing it will buy Quin GmbH, a maker of steering wheels, airbag covers and other interior trim.
Media reports from Germany said Joyson initially will buy 75 percent of the equity in Quin, based in Rutesheim, Germany, and complete the purchase of the other 25 percent later.
The Chinese firm notified Germany's competition regulator, Bundeskartellamt, of the proposal on Dec. 18. If the Bundeskartellamt decides the deal meets regulations, then it could be approved by the third week of January 2015.
In 2011, Joyson purchased German interior specialist Preh GmbH. The business continues to operate under the Preh name, with headquarters in Bad Neustadt, Germany. It announced earlier this year that it had passed the 500 million euro sales mark, and has launched expansions both in Europe and North America.
Quin uses plastics, leather and wood in its products for high-end vehicles and operates in four locations; its headquarters in Ruteshiem, Germany, Ghimbav, Romania; Wałbrzych, Poland and Wuqing, China. It employs 1,900.