BERLIN: Germany's Bosch, the world's largest auto parts supplier, said on Tuesday (May 2) it had sold its subsidiary making starter motors and generators to a Chinese buyer.
|German auto parts giant Bosch said it has sold its starter motors and generators unit to a Chinese buyer. (AFP Photo)
It did not disclose the price, but industry sources estimated it at more than €500 million (US$550 million).
The buyers are Zhengzhou Coal Mining Machinery Group Co. (ZMJ) and Hong Kong-based China Renaissance Capital Investment, the German company said in a statement.
Their purchase of Robert Bosch Starter Motors Generators Holding GmbH (SG) is still subject to approval by antitrust and other authorities.
The buyers said they would keep the company's almost 7,000 staff at 16 locations in 14 countries.
ZMJ is a major Chinese automotive supplier, making starters and generators as well as engine components for commercial vehicles and passenger cars.
Stuttgart-based Bosch, an unlisted family company, also makes industrial products, household appliances and power tools.
With 390,000 employees worldwide, it booked €73.1 billion in turnover last year, according to provisional data. It will present its results for 2016 at its annual press conference on Thursday.