Hebei Lingyun Industrial Group Corporation Ltd. of China agreed to buy German automotive supplier Kiekert AG.
Lingyun plans to purchase Kiekert shares from a group of investors including BlueBay Asset Management, Silver Point Capital and Morgan Stanley (MS), who took over after a debt-to-equity swap in 2006 and helped restructure the firm, according to a statement on PRNewswire today.
No purchase price was disclosed. Kiekert, which makes latch systems for cars, has more than 500 million euros in sales and 4,000 employees, according to the statement.
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