Xuancheng, China – Zhongding Sealing Parts posted a 28% rise in yearly sales to €1.1 billion (8.4 billion yuan) in fiscal 2016 thanks to China’s fast-growing automotive sector, according to the company’s annual report.
Net profit during the same period jumped 26% to €118 million.
The parent group Zhongding Holding, with a total employee headcount of 19,000 and arms in other sectors such as information technology and engine manufacturing, reported €1.8 billion revenue last year.
In March the listed company closed the deal to take over 100% of German hose maker Tristone Flowtech Holdings at €170 million. Tristone has nine plants and four sales and tech centers across Europe and North America, supplying to all major auto makers. In 2016 products for new energy vehicle accounted for a third of Tristone’s overall revenue.
“The acquisition will help the company further broaden our portfolio in the NEV sector as well as expand in overseas markets after becoming a supplier to high-end customers. It’s another step towards diversification,” said Zhongding’s website.