FRANKFURT Nov 8 Cash-strapped German
fire-fighting vehicles maker Albert Ziegler GmbH & Co has been
sold to China International Marine Containers Group (CIMC)
Ziegler, which filed for insolvency in 2011, was bought for
55 million euros ($74 million), the company said on Friday,
adding that all 1000 jobs will be preserved.
"The Chinese CIMC group has extensive experience in the
business of commercial and special vehicles and provides an
ideal base for the expansion of Ziegler's international
business," said Bruno Kuebler, senior partner at insolvency
lawfirm Kuebler said.
Ziegler makes specialised fire trucks for airports as well
as electrical tunnel rescue vehicles with driving cabs facing in
both directions. CIMC produces, among others, transportation
vehicles for liquids, cement and refrigerated goods.
"Ziegler can now have access to a significant technical
expertise and a vast international sales and distribution
network, which none of the competitors can only begin to compare
with", Kuebler said.
Ziegler, based in Giegen an der Brenz, Germany, was put up
for sale after it filed for insolvency following the imposition
of an anti-trust fine for participating in a fire-truck
China has a five-year development plan that puts emphasis on
industries such as high-end manufacturing equipment, information
technology, alternative energy, biotechnology, advanced
materials and environment-friendly technologies.
In August last year, Shandong Heavy Industry Group
took a 25 percent stake in Kion Group,
giving China access to industrial technology from the world's
number two fork lift truck maker.
In 2011, Sany Heavy Industry bought concrete pumps maker
Putzmeister. It too kept German management in place and said
Putzmeister would become a new international distribution hub
outside China for concrete machinery.
($1 = 0.7472 euros)
(Reporting by Edward Taylor; Editing by Greg Mahlich)