SAF-Holland In Chinese Suspension Venture
SAF-Holland, a global supplier of suspension technology for the truck and trailer industries has entered into a definitive share purchase agreement with Corpco Beijing Technology and Development Co., Ltd. through which SAF-Holland will acquire 80% equity of the Chinese company. No financial details were provided.
As a first step, a joint venture will be formed with a pull option regarding the remaining 20% of shares, SAF-Holland said. With revenues of around €18 million in 2012 and 180 employees, Corpco is a producer of commercial vehicle suspensions systems in China.
The transaction is subject to regulatory review and approval and customary closing conditions. The closing of the transaction is expected in the fourth quarter.