Lingyun reaps rewards from German acquisition

German car-parts maker Kiekert AG has emerged as one of the crown jewels in overseas acquisitions by Chinese companies after reporting solid growth and continuous profitability for two years in a row, a top company official said on Friday.

Kiekert, owned by Chinese car parts maker Lingyun Industrial Group, which makes latch systems for passenger cars, is already a global market leader in its segment, said Li Xizeng, chairman of the Lingyun group.

During the first five months of the year, Kiekert already clocked revenue of 2.22 billion yuan ($352 million), a 43.36 percent growth over the same period last year, Li said adding that net profit in the same period rose by 35.4 percent.