Chinese automotive supplier Fuyao acquires SAM automotive group

Chinese automotive supplier Fuyao acquires SAM automotive group
Photo source
www.sam-automotive.com
All jobs are saved. Insolvency administrator Dr. Holger Leichtle of Schultze & Braun: “We have reached an agreement with which, in my opinion, all parties involved can be highly satisfied”.

The insolvent automotive supplier SAM automotive group becomes part of the Fuyao Group. On Friday, the creditors' committee unanimously approved the takeover. Today insolvency administrator Dr. Holger Leichtle of Schultze & Braun announced the successful conclusion of the search for investors at the creditors' meeting. The takeover is still subject to approval by the antitrust authorities.

“We have reached an agreement with which, in my opinion, all parties involved can be highly satisfied. In a joint effort, we succeeded in saving all jobs and preserving the company,” Leichtle said. “The past weeks and months have been anything but easy for the employees. I am therefore even more pleased that we have come to a good solution without any job losses. In my view, SAM fits very well into the portfolio of the Fuyao Group. SAM thus has a strong partner at its side with whom the company can once again align itself for the future”. 
The insolvency administrator thanked the employees for their commitment over the past weeks. Leichtle also thanked suppliers, customers and the bank involved for the good cooperation. “The above-mentioned partners played a decisive role in ensuring that we were able to continue and maintain SAM.” 

It was agreed not to disclose the purchase price. 

Fuyao Glass Group Industries is a globally active company involved in the manufacture and processing of automotive glass. With a turnover of over 2 billion euros and over 25,000 employees worldwide, Fuyao is one of the leading suppliers in the field of automotive glazing.

The group's headquarter is located in Fuqing (People's Republic of China). The company was founded in 1987 and has since then developed into one of the world's largest glass manufacturers. The product range includes float glass and automotive glass. The Fuyao Group's customers are many large automobile manufacturers.

600450 Chinese automotive supplier Fuyao acquires SAM automotive group glassonweb.com

Others also read

Last month, the worlds leading glassmaking companies attended the Glassman South America.
A forward looking company like HORN Glass Industries has to keep its eyes open for innovative developments in a working world that is characterised by rapid changes and dynamics.
Two hundred forty-two presentations and interesting trade show booths await visitors at this year's edition of GPD. Of course, A+W will also be there and as a GPD sponsor.
Glass Technology Expo Mexico is the trade show of glass technology recently held in Mexico City. The Citibanamex Center was the space that hosted the new edition of the show from June 11 to 13.
Vetroseal, a leading independent sealed unit supplier, has recently installed a Bystronic glass 2.3 x 3.5 m IG line as part of an investment programme that will support the company’s business plans moving forward.
Annual Conference of China Glass Industry 2019 (ACCGI 2019) -The Sixth Golden Glass Award ceremony was grandly held at the Crowne Plaza in Beijing on May 21st.

From industry

Ctra. Estación Km. 15.8
44415 Rubielos de Mora Teruel
Spain

Is Kuleleri, Kule: 2, Kat: 22, 4. Levent
34330 Levent-Istanbul/İstanbul
Turkey

40 Corniche El-Nil,
Al Sharafain Tower Maadi,
Cairo Governorate
11728
Egypt

No. 160 Yichuan Rd.,
Jiaonan Shi
Qingdao Shi
Shandong Sheng, 266000
China

Am Pfahlgraben 4
35415 Pohlheim
Germany

NEWS RELATED PRODUCTS

Vitro Architectural Glass (Formerly PPG Glass)
Unelko Corporation

Add new comment