Chinese automotive supplier Fuyao acquires SAM automotive group

Chinese automotive supplier Fuyao acquires SAM automotive group
Photo source
www.sam-automotive.com

Date: 23 January 2019

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

See more news about:

Others also read

Industry and environmental organisations jointly call for measures to improve recycling in the future End-of-Life Vehicles Regulation
Viridian has acquired the distribution assets and the majority of the remaining inventory of Oceania Glass.
Şişecam will participate in the International Solarex Istanbul Fair, taking place at Istanbul Expo Center from April 10-12, 2025.
Guardian Glass has published new Environmental Product Declarations (EPDs) for its portfolio of processed and unprocessed flat glass produced in Thailand.
The European Commission has launched an Industrial Action Plan to strengthen the automotive sector’s competitiveness, resilience, and sustainability.
The Clean Industrial Deal and Energy Action Plan, presented on February 26, lack concrete measures to address the flat glass sector's crisis.

Add new comment

From industry

İçmeler Mah. D-100 Karayolu Cad. No:44A,
34947 Tuzla,/İstanbul
Turkey

52 Corniche El-Nil, AL-SHARIFAIN Tower 10th Floor,
Maadi,
Cairo Governorate
11728
Egypt

Ottergemsesteenweg 707-Zuid
9000 Ghent
Belgium

NEWS RELATED PRODUCTS

Rider Glass Company Limited
Horn Glass Industries
Kuraray Europe GmbH
Glas Trösch Holding AG
Glaston Corporation