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Recently, Germany's Lenny Group announced that it will acquire the remaining 50% of Daekyeung, the Korean wire harness supplier. At this point, Lenny Group will hold 100% of South Korea’s Daekyeung shares. It is reported that the acquisition agreement will take effect on January 1, 2012.
Lenny acquired a 50% stake in Daekyeung in 2008, when the two companies signed a contract and plans to cooperate in the research and development of wire and cable in the next few years.
Uwe H. Lamann, member of the LEONG Cable Systems Management Committee, said that the acquisition of Daekyeung was aimed at establishing a global production network. It was also aimed at expanding the sales of Lenny’s products in South Korea and expanding the existing customer base. Develop a new customer base and double its sales in South Korea by 2015.
Daekyeung is headquartered in Busan, South Korea. The company's products are mainly produced in China's Penglai, Weihai, and Jining, and Daekyeung Company expects that revenue in FY2012 will reach 130 million euros (185 million US dollars) to 140 million euros.
The German Lenny Group is an international company known for its strict quality management. Its subsidiaries are located in Europe, the United States, Asia and Africa. With 34,155 employees and an annual turnover of approximately 2.1 billion Euros, it is the world's largest wire rod manufacturer. one. It has established more than 100 branch offices in more than 30 countries and regions including Germany, China, the United States, the United Kingdom, France, and Italy. The Lerner Group has more than 51,000 employees worldwide. The main products include cables, copper wires and harnesses. The products are mainly used in the communications industry, medical equipment industry, automobile manufacturing industry, home appliance industry and mechanical engineering.