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People’s Daily: Sino-German cooperationa win-win

05.20.2013

Author:ZHENG Hong/GUAN Kejiang

Source:People's Daily

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Since 2012, all the shares of its ownership of Chinese private enterprises Zhejiang Joyson group.

(2013/05/16): Stuttgart, Bad Neustadt Since 2012, all the shares of Preh GmbH—located in Bad Neustadt, Germany—have belonged to the Zhejiang Joyson Group, a Chinese private business. But in May 16, 2013, one can hardly see any Chinese employees at Preh headquarters, except Executive Vice President Charlie Cai, the only senior Joyson official stationed there.

"When the company was acquired, there were only 2,300 people on staff. Now, the number has increased worldwide to 3,200 employees. This proves that the China company's investment will not threaten German jobs, but instead willjobs," said Cai. In Bad Neustadtthe company only hired 100 employees. In 2012, Preh created a record €462M in new sales, a growth of 12%, far higher than the average market level.


Now the global number of employees of Preh up to 3200 people.

Preh GmbH was founded in 1919,pioneered the first assembly production of radios for the new radio industry. In 1988, it entered the automotive electronics industry. Now, Preh specializes in the production of automotive controls for BMW, Volkswagen, Audi, Lamborghini Rolls-Royce,many other leading automotive premium model brands.

Dr. Michael Roesnick, presidentCEO of Preh GmbH,said, "Whether it is from the geographical locationfrom the core competitiveness, JoysonPreh are a perfect couple. The two companies, with their respective advantages, not only opened up new markets for each other, but have also provided a high level of security for employeescustomers, as well as the joint development of new productsmanufacturing solutions." The local county Council Chief Thomas Haberman praised the Joyson acquisition of Preh, not only for creating more jobs, but also for bringing more investment into the local economy.

The local county council chief Thomas Haberman praised the Joyson acquisition of Preh, not onlymore jobs, it also brings more investment into local.


 Joyson successful acquisition of Preh is a typical case of win-win cooperation between enterprises.

The Chinese Consulate General in Munich, Commercial Counselor Tao Bailiang, said that Joyson’s successful acquisition of Preh is a typical case of a win-win cooperation between enterprises. In recent years, Chinese businesses in Germany showed rapid investment growth. By the end of 2011, Chinese-funded German enterprises of non-financial investments totaled €2.4B—Chinese investment generally welcomed in German politicaleconomic circles.

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