HEILIGENHAUS, Germany -- Kiekert, a global supplier of automotive locks, has acquired full ownership of China's Henan North Xingguang Locking Systems Co., a manufacturer of door, hood and trunk locks.
German supplier Kiekert had held a minority share of Henan North Xingguang since 2005, when the company was launched.
The deal gives Kiekert full ownership of a 140,000-square-meter plant in Zhengzhou in the province of Henan. The factory will be renamed Kiekert China Zhenzhou.
Henan North Xingguang has 550 employees and generated sales of $57 million (364 million yuan) in 2014. The company makes locks for a variety of automakers in China.
Kiekert CEO Karl Krause, in a statement, said the acquisition will raise the company's share of the Asian market for automotive locks to 20 percent.
Kiekert has seven factories and 5,600 employees in nine countries. The company expects to generate sales of 800 million euros in 2015. In China, the company employs 1,000 workers.
In 2012, Kiekert was acquired by Hebei Lingyun Industrial Group Corp. of China.