Zhejiang Shuanghuan to acquire an 81% stake in Schmiedetechnik Plettenberg and Werkzeugtechnik Plettenberg.

Zhejiang Shuanghuan Driveline Machinery, a Chinese auto component manufacturer, agreed to acquire an 81% stake in German auto components manufacturers Schmiedetechnik Plettenberg and Werkzeugtechnik Plettenberg. Financial terms were not disclosed. By acquiring the German gear manufacturers, Zhejiang Shuanghuan is accelerating its international development and further expanding its European business. Upon closing of the transaction, the Chinese investor will inject further capital into the group and thereby increase its shareholding.