China's Lingyun acquires German car parts maker Kiekert

Chinese automotive supplier Heibei Lingyun Industrial Group Corporation has acquired Kiekert, a German maker of latch systems for cars, the German company announced on Tuesday.

Kiekert said in a statement that " following intense negotiations" its current investors -- a consortium comprising BlueBay Asset Management, Silver Point Capital and Morgan Stanley -- had agreed to sell the German group to Lingyun.

Financial details were not disclosed, but Kiekert has annual sales of more than 500 million euros ($658 million) and employs a workforce of 4,000 in Germany, the Czech Republic, the United States, Mexico and China.

Lingyun, for its part, has a workforce of around 10,000 and sales of of more than 700 million euros.