Chinese manufacturing company Truking Group has completed the acquisition of a majority shareholding in Germany-based Romaco.
The sale, which was announcved in May, gives Truking a 75% stake in Romaco.
Former owner, provate equity fund Deutsche Beteiligungs AG (DBAG), has agreed to sell the remaining 24.9% shares within the next three years.
Recently, the management of Truking including chairman Yue Tang and his delegation met with the workforce of Romaco at the facilities in Karlsruhe (Germany) and Bologna (Italy).
Tang stressed his great admiration for Romaco and outlined the first steps in the cooperation.
More strategic acquisitions are prposed as part of the drive to strengthen the Romaco portfolio. Several of the company's sites will be expanded and upgraded.
As part of the expansion plan, a new plant for Romaco in Bologna is being constructed. A new laboratory will also be opened to support Romaco’s research and development activities in the region.
Tang said: “We’re ready to grow. Our aim is to take Romaco forward and increase our share of the global markets with a mixture of confidence, determination, patience and endurance.”
Romaco Group CEO Paulo Alexandre said: “Our experience of the Truking management so far has been thoroughly positive.”
“Despite the language barriers, communication with Truking has been extremely efficient and decision processes are very fast. That widens our leeway to develop new strategies which will strengthen our position in the market.
”Now that the transaction has been brought to a successful conclusion, we’re looking forward to applying the measures adopted.”
From Romaco’s end, the entire management team of Romaco plans to travel to Truking headquarters located in Changsha, in the the Chinese province of Hunan to attend a one week workshop.
Romaco’s managing directors of various production facilities as well as the heads of the sales and service centres along with employee representatives from Karlsruhe, Cologne, Steinen and Bologna will be attending the workshop.
