The Chinese Group Luxshare has completed the acquisition of a majority share with the German car supplier Leoni. The competition authorities have given the necessary permits. Earlier, Leoni was some ownership of the entrepreneur Stefan Pierer, who remains involved with Leoni after the sale at Leoni.
Luxshare from Shenzhen in China produces cables for computers and components for technology companies such as Apple and therefore has, for example, a useful know-how in the field of e-mobility. “Both companies complement each other very well. With Luxshare as a strong strategic partner, Leoni can successfully expand their competitive position,” Pierer is quoted in a message.
Pierer took over a crashing company
Leoni failed in 2022-high debts to the sale of his cable division and then had to be renovated and from the stock market. The former KTM council of Pierer took over the company in 2023.
The deal became known for the sale of the majority to the Chinese company on 17 September of the previous year. Moreover, the Luxshare subsidiary Time Interconnect has now taken over 100 percent at the Automotive Cable Solutions Division by Leonie AG.
In the restructuring plan of Pierer Industrie AG, the company is something like the head of the KTM Group Sales to play an important role.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
