Fosun International Ltd said June 19 that it agreed to buy FFT GmbH & Co KGaA. Financial terms weren’t announced. ATON GmbH is the seller. FFT provides automated and flexible turn-key production systems.
SHANGHAI and HONG KONG, June 19, 2018 /PRNewswire/ — Fosun International Limited (SEHK stock code: 00656) (“Fosun International”), one of the world’s leading family-focused multinational companies, announced today an agreement to acquire FFT GmbH & Co. KGaA (“FFT”), a global provider of automated and flexible turn-key production systems. FFT is to be acquired from ATON GmbH, a German family-owned private investment company, through the funds managed by the subsidiaries of Fosun International.
Founded in 1974 and headquartered in Fulda, Germany, FFT provides flexible automation turn-key solutions, customized engineering designs, and various smart factory solutions for renowned first-line original equipment makers (‘OEMs’) in Germany, the USA, Japan, China and other countries. FFT also provides non-automotive solutions for clients in many countries including the USA, Sweden and Germany. FFT’s solutions can enable full production and specific aspects of manufacturing. FFT has the strong ability and potential to expand the use of its capabilities in numerous sectors outside of the automotive industry, as successfully proven during the business expansion into white goods in recent years. In 2017, FFT recorded revenues of over EUR850 million and employed over 2,600 people.
This acquisition of FFT supports Fosun’s strategy of investing in companies which support “makers” and have strong market positions. Through this acquisition, Fosun significantly upgrades its capacity to offer new manufacturing solutions for its own portfolio companies such as Nanjing Nangang Iron & Steel United, Eurocrane and Zhejiang XCC Group.
Mr. Guo Guangchang, Chairman of Fosun International, says, “We are pleased to have FFT, a leading provider of industrial automation solutions to some of the world’s largest makers, join the Fosun family. Creating better products and services to customers through intelligent manufacturing and technology innovation is a key part of Fosun’s strategy. In the future, we will work closely with FFT, offering Fosun’s world-class “makers” resources, and access to China’s booming market. Furthermore, we will empower each other through the development of FFT’s own growth plans as well as supporting Fosun’s increasing role in the evolution of global smart manufacturing.”
Mr. Manfred Hahl, CEO of FFT said, “After years of significant growth and the expansion of our geographical footprint, we are very excited to start the next chapter by joining Fosun. For us, this is a logical step to expand our global profile and strengthen our presence in China with the support of their local network and knowledge. China, as one of the largest markets in the world, offers significant growth potential in the automotive as well as many other industries and applications. The partnership with Fosun provides us with access to a worldwide network. Our team is convinced that we will continue to establish FFT as a leading turn-key partner under our new owner.”
Completion of the transaction is subject to regulatory approvals.
Fosun was founded in 1992. Fosun International Limited is a family-focused multinational company that has been listed on the main board of the Hong Kong Stock Exchange (00656.HK) since 2007, with total assets over RMB530 billion (c. US$81 billion) as of December 31, 2017. With its roots in China, and through technology and innovation, Fosun’s mission is to create customer-to-maker (C2M) ecosystems in health, happiness and wealth, providing high-quality products and services for families around the world.
FFT Group with its holding company FFT GmbH & Co. KGaA is a global provider of automated and flexible production concepts. As a turn-key partner for manufacturers and tier 1 suppliers of the automotive industry as well as for other non-automotive sectors, FFT assumes the responsibility for the implementation of complete production plants (body-in-white production and assembly lines). With 2,601 employees, the Group achieved gross revenue of EUR856 million in the financial year 2017.
SOURCE Fosun International Limited
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