On 18 March 2015 the shareholders of Vincenz Wiederholt GmbH, Holzwickede, and SchmitterGroup, Thuengen, signed an agreement relating to the take over of 100% of the shares of Vincenz Wiederholt GmbH through SchmitterGroup, Thuengen. Vincenz Wiederholt GmbH is a well-known producer of precision steel pipes and technological leader in cold processing.
SchmitterGroup, a subsidiary of Zhongding Holding Group Ltd. in Ningguo, Anhui, China, is an internationally operating enterprise in the field of fluid handling and chassis. Its customers are well-known automotive manufacturers and suppiers around the world.
With this agreed take over the companies intend to strengthen and utilize their competencies as a reliable development and serial supplier.
The value added chain "steel", from hot wide strip to complex components based on welded and cold-drawn precision steel pipes is covered by this strategic development in the automotive industry. Through the global presence of Zhongding this product range will even show a stronger presence in the market.
Due to the necessity of being internationally present and due to the increased demands on products and product innovations the companies expect positive stimuli with regard to growth by offering integrated problem solutions to their customers. The executives of Vincenz Wiederholt GmbH consider the new cooperative alliance and the excellent strategic fit as a high benefit for the company. Vincenz Wiederholt GmbH could strengthen and extend its market position; in particular it will be possible to boost its international presence. Insofar, the agreed take over is a logical next step in the corporate development of Vincenz Wiederholt GmbH.
The parties have agreed to maintain silence about the details of the transaction.