Bosch sells subsidiary to ZMJ

Source: Xinhua | 2017-05-03

GERMANY’S Bosch said yesterday that it has sold its subsidiary making starter motors and generators to a Chinese buyer.

It did not disclose the price, but industry sources estimated it at more than 500 million euros (US$550 million).

The buyers are Zhengzhou Coal Mining Machinery Group Co (ZMJ) and Hong Kong-based China Renaissance Capital Investment, the German company said in a statement.

Their purchase of Robert Bosch Starter Motors Generators Holding GmbH (SG) is still subject to approval by antitrust and other authorities.

The buyers said they would keep the company’s almost 7,000 staff at 16 locations in 14 countries and regions.

“ZMJ will support SG in further expanding its competitive product portfolio,” the Chinese company’s CEO Jiao Chengyao said in a statement.

“Improved regional presence, especially in Asia, will allow SG’s business to be expanded sustainably and profitably.”

ZMJ is a Chinese automotive supplier, making starters and generators as well as engine components for commercial vehicles and passenger cars.