Chinese conglomerate and investment company Fosun International, which runs business in various sectors including hotels, pharmaceuticals, and finance, announced on Thursday that it has completed its acquisition of Germany-based FFT GmbH & Co. KGaA, one of the leading providers of automated and flexible turnkey production systems. The two corporations entered an agreement to begin the acquisition process in June 2018.
FFT services some of the world’s largest manufacturers of automobiles, white goods, and emerging and established industries such as new energy batteries, laser radars, lightweight framing stations, and aluminum, according to Fosun, which has not named FFT’s clients.
FFT, which employed 2,800 people in 2018, recorded revenues of over EUR 750 million (USD 835 million), with its contracts from Chinese clients doubling.
Fosun’s chairman Guo Guangchang said this acquisition will enhance his company’s growing role in smart manufacturing.
Fosun can leverage on FFT’s automation technology to promote industry upgrades while helping its portfolio companies, such as Nanjing Nangang Iron & Steel United and Tianjin-based lithium battery maker JEVE, boost their innovative capabilities in smart manufacturing.
FFT CEO Manfred Hahl said his company is building on Fosun’s support to gain further market access in China.
Neither party has disclosed the financial details of the deal.
Contact the writer at [email protected]