China eats German auto components: Chinese Westron buys Allgeier
Peter Hundt, the entrepreneur who can be considered one of the fathers of German auto components, sold his stake in Allgeier Gmbh to Westron, a company owned by Chinese entrepreneurs. Westron is currently acquiring over 88.9% of the family's shares and will further increase the company's capital. The investor also wants to intervene quickly with his "experience in the restructuring, automotive and metalworking sectors". The sale aims to ensure growth and stabilize the financial position, the press release reads. In the future, "the Chinese and Asian markets should play a central role". All contracts with employees, financiers and customers will be maintained. The agreement is approved by the government which, by now, looks more like an industrial liquidation committee.
Hundt was the image of the serious German businessman skilled in his trade. Always well dressed, passionate about football, active member of society: Dieter Hundt has always known how to make opposites coexist. He was one of the most influential entrepreneurs and is now selling his company to China, a further symbol of the surrender of Western entrepreneurship in Beijing.
The pension limit is not a benchmark for entrepreneurs. Especially not for Dieter Hundt, who was once one of the country's most influential men as employer president and political voice in business. In the family business, car supplier Allgaier GmbH based in Uhingen, east of Stuttgart, the 83-year-old Swabian was actively involved as chairman of the supervisory board until the end. In recent years, however, entrepreneurial life has been particularly challenging: in addition to facing the transformation and the pandemic, it also had to solve the problem of an unclear succession. Now the heirs will receive not an activity, but a bundle of money, which commits little. Here we read the drama of many Western entrepreneurs: “We decided to sell as a family because no relative was available for a management position in the company,” Hundt told FAZ on the sidelines of an event in Stuttgart.
Hundt was a self-made one, starting as an employee of Allgeier and then acquiring it and growing it to be a leading German auto parts group with 1700 employees and Mercedes among the main customers. An era is also closing in Germany, where industry increasingly passes into the hands of Beijing.
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The article China eats German auto components: Chinese Westron buys Allgeier comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-cina-si-pappa-la-componentistica-auto-tedesca-la-cinese-westron-si-compra-allgeier/ on Fri, 08 Jul 2022 09:05:29 +0000.