Ningbo Huaxiang's European business revenue will be close to 200 million euros in 2024

Mutares, a well-known German listed private equity holding company, has agreed to acquire Ningbo Huaxiang's business in Europe for 1 euro. The acquisition is seen as an important step for Mutares to expand its influence in the field of interior applications in the global automotive industry. According to a statement from Mutares, Ningbo Huaxiang's business in Europe will have revenue of nearly 200 million euros in 2024 and employ approximately 2,000 people. The transaction is subject to customary approvals, including approval from the Chinese government, and is expected to be completed in the second quarter of 2025.