August 21, 2018
Shanghai Baolong Automotive Corporation (Baolong), through its subsidiary, has signed a share purchase agreement (SPA) with Meteor Unternehmensbeteiligungen GmbH in Munich, Germany on August 16, 2018 to acquire PEX Automotive and acquire 51% stake in TESONA. The aim is to accelerate growth through acquisition activities in the areas of development, purchasing, production and sales and to achieve a more competitive market position worldwide in the field of automotive sensors.
Baolong Signing SPA with Meteor Unternehmensbeteiligungen GmbH
Baolong, through its subsidiary, will take over PEX from Meteor Unternehmensbeteiligungen GmbH, a German holding located in the region of Stuttgart, Germany. 100% shares of PEX will be sold with closing of the share purchase agreement and the management of PEX will be kept.
Baolong is a listed automotive supplier headquartered in Shanghai, China, employing more than 3,600 associates worldwide (as of December 31, 2017) and generating a turnover of around €270 million in the last financial year. Founded in 1997, Baolong never ceases to innovate in automotive products and solutions, and offers high-quality orientated, competent and creative products for its customers. Today Baolong has several production bases, R&D centers and sale centers located in China, the USA, Germany, Poland, Japan, etc. Up to now Baolong has been one of the world’s leading automotive suppliers of tire valves and exhaust pipes, and also regarded as the market leader in tire pressure monitoring systems in China. In the field of automotive sensor, Baolong develops and produces rain/light sensor, transmission pressure sensor, vacuum pressure sensor, A/C pressure sensor, T-MAP, etc. for local automobile manufacturers as well as Tier 1 suppliers.
PEX has around 250 employees with its sales, project management, development and engineering in Germany, and one production site in Hungary. As a renowned manufacturer with longlasting experience of automotive sensor, PEX develops and produces brake wear indicators, sensors for distance measurement (hall) and exhaust gas temperature (EGT) measurement. The customers of PEX include automobile manufacturers, Tier 1 and Tier 2 suppliers. TESONA is a technology specialist in the field of sensor and smart heating system (SHS), offering services from design to engineering development. TESONA serves automobile manufacturers and Tier 1 suppliers in Europe.
Johnson Wen, Vice President of Baolong: “We started the R&D of automotive sensor in 2009 and focused on the technologies of pressure sensor and optical sensor based on MEMS. PEX is our ideal target because our markets complement each other perfectly and we are thus expanding our international presence together.”
Charles Zhang, President of Baolong: “The Acquisition is an important step to further advance the automotive sensor business and accelerate the growth worldwide. Our goal is to deliver more value to our customer and serve them from an expanded portfolio of products and services. This will significantly strengthen our common position.”
About Baolong
Baolong Automotive was founded in 1997 and is headquartered in Shanghai, China. It counts more than 3,600 employees and is listed on the Shanghai stock exchange (stock code: 603197). Baolong manufactures and sells automotive parts and components worldwide. The products include tire valves, wheel weights, exhaust pipes, tire pressure monitoring systems (TPMS), automotive pressure sensors, rain/light sensor, 360° view system, chassis & body structural parts, air suspension, etc. It serves automobile manufacturers as well as Tier 1 suppliers, and exports its products to approximately 80 countries/regions.
About PEX
PEX Automotive was founded in 1978 and is headquartered in the region of Stuttgart, Germany. It counts around 250 employees in Germany and Hungary. PEX develops and produces brake wear indicators, sensors for distance measurement (hall) and exhaust gas temperature (EGT) measurement in the automotive industry and has been regarded as one of the market leader in brake wear indicators. PEX has longlasting and close cooperation with automobile manufacturers, Tier 1 and Tier 2 suppliers in Europe.
