ERJ staff report (DS)
Saarbrucken, Germany -- Chinese Chongqing Light Industry & Textile Holding Group Co. Ltd (CQLT) is to buy the whole Saargummi group, including the bankrupt businesses based in Germany.
The administrators issued a press release on 29 April saying that a contract has been signed between the relevant banks, the liquidators and CQLT. Also, CQLT has provided the required security deposit and paid an initial purchase price installment of the contracted amounts.
The sale includes the SaarGummi Germany GmbH and the whole SaarGummi group. The transaction also confirms most of the jobs at the German sites and avoided a break-up of the group.
The Chongqing Light Industry & Textile Holding Group Co. Ltd has a turnover of around $ 1.9 billion and is one of the largest state-owned enterprises in China and has over 24 locations. The company's headquarters is located in Chongqing. The Chinese company has had a joint venture with SaarGummisince 2006.
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Press release from Schultze & Braun (German language)
Above Press release auto-translated into English from German