(Yicai Global) June 20 -- Fosun International agreed to buy one of the world's leading flexible automatic production line solution providers, FFT, through its subsidiary funds.
Fosun International will acquire FFT from ATON, a German family-owned private investment company, through the funds managed by the subsidiaries of the Shanghai-based Chinese investment conglomerate, it said in a statement without disclosing any financial details. The deal is subject to regulatory approvals.
The planned acquisition is part of Fosun's strategy to invest in companies that support "makers" and have strong market presence, it added. Through this acquisition, Fosun will energize and add value to its subsidiaries including Nanjing Iron & Steel United, Eurocrane, and Zhejiang XCC Group to elevate their capabilities to innovate solutions for smart manufacturing.
Established in 1974 and headquartered in Fulda, Hesse, Germany, FFT provides flexible automation turn-key solutions and customized engineering design and implementation for premium automobile manufacturers in Germany, the US, Japan, and China. The company also provides automation solutions for clients outside the automobile industry. Last year, FFT had a revenue of over EUR850 million (USD982 million) and more than 2,600 employees, the statement said.
As the world's largest market, China has abundant application scenarios in automobile and other industries with tremendous growth potential, said Manfred Hahl, chief executive officer of the company. The cooperation with Fosun will help FFT improve the global layout, he added.
Editor: Mevlut Katik