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German MMG's Shares to be 100% Acquired by Taiwanese SUMEEKO by July 2023
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2022-11-18
SUMEEKO announced on November/16/2022 that it is to acquire the other 49% shares of Max Mothes GmbH (MMG), a subsidiary of CS Beteiligungs GmbH, for 6.24 million euros in cash. The process is expected to be completed in July 2023 and after that MMG will be fully owned by SUMEEKO.
Through an adjustment period of 2.5 years, MMG is back on track with profits gained last year thanks to orders from European carmakers. Previously, SUMEEKO acquired 51% shares of MMG (a Tier 1 supplier for German automakers) for 6.5 million euros, which was completed in July 2018.
By fully acquiring MMG shares, SUMEEKO can tap into the supply chains of Ford, Benz, BMA, Volkswagen, Bosch and Siemens.
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