Troubled German automotive supplier Saargummi is on the verge of being taken over by state-owned Chinese firm Chongqing Light Industry & Textile Group (CQLT).
The Saargummi group supplies rubber sealants to carmakers including Volkswagen, Daimler and BMW in Germany and also exports around the world. In 2010 it employed 4,400 across 23 companies and 12 production sites worldwide. Its revenues were Eu360m, of which Eu320m were attributable to the automotive industry. However, its German arm was forced to file…
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