Chinese Haowu Group invests in FEUER powertrain
As part of the transaction, Haowu Group will initially take a 50% holding in FEUER powertrain. As a next step an increased cooperation on the Chinese market is planned by the parties by forming a local joint venture. Further details of the transaction were not disclosed.
Haowu Group is part of Chinese State-owned TEWOO Group, a Fortune 500 company with annual revenue of about USD 70 billion. Neijiang Jinhong Crankshaft, one of the leading crankshaft manufacturers in the People's Republic of China, is also part of the Chinese group.
FEUER powertrain Group, headquartered in Nordhausen, Thuringia, is a leading OEM-independent crankshaft manufacturer for automotive and industrial engines and agricultural machinery. FEUER powertrain has a combined production capacity of up to 2.5 million crankshafts per year. The company operates production facilities in Germany and the U.S. and an assembly plant in China.
Legal Advisors to Haowu / TEWOO Group:
Legal Advisors to FEUER powertrain shareholders:
Heuking Kühn Lüer Wojtek: Michael Neises (Lead, Corporate/M&A), Frank Hollstein (Corporate/M&A), both Frankfurt, Dr. Frederik Wiemer (Antitrust), Hamburg, Jörn Matuszewski (Tax), Düsseldorf, Sen Gao (China Desk), Hamburg, Han Kun Law Firm (Ying Zhou/Jiaxin Liu, on Chinese law)