Chinese aerospace firm bids for Henniges - report

Detroit, Michigan – China’s biggest aerospace company Aviation Industry Corp. of China (AVIC), is among bidders pursuing the acquisition of US car-parts maker Henniges Automotive Holdings Inc., reported Bloomberg citing sources.

“State-owned AVIC, based in Beijing, could pay about $1 billion for Henniges,” two sources who asked to remain anonymous told Bloomberg.

The sources added that other Asian companies have also looked at a purchase of Henniges but refused to name them.

Henniges is a supplier of engineered sealing and anti-vibration systems for the automotive market. In ERJ’s 2014 global ranking of non-tire producers, it ranked 27: with sales of $775 million (€678 million) in 2013 and employing more than 6,500 workers at operations in North America, Europe and China.

In January 2014, the company announced that it had acquired the remaining 40 percent of Beijing Wanyuan-Henniges Sealing Systems Co., Ltd from its Chinese joint venture with China Academy of Launch Vehicle Technology (CALT).

The company said, at the time, that the full ownership of the Chinese subsidiary was in line with its strategy to support its customers in emerging markets.