Gleiss Lutz has advised AVIC Electromechanical System Co. (AVICEM), on its acquisition of the German automotive supplier KOKINETICS. The transaction was completed at the end of May, and financial terms were not disclosed.
AVICEM is a subsidiary of the Chinese state-owned AVIC Group (Aviation Industry Corporation of China), a Chinese state-owned aerospace and defense company. Its subsidiary AVICEM, with 28 subsidiaries of its own – including four listed companies – and around 70,000 employees, specializes in electromechanical aircraft and automotive components. Kokinetics supplies the automotive industry with seat mechanisms and components, complete metal structures for car seats, and transmission parts. The company is headquartered near Frankfurt, and has significant production sites in Germany and the Czech Republic.
The Gleiss Lutz team advising AVIC on the transaction was led by Partner Michael Burian and Counsel Jana Glock, supported by Partners Thomas Winzer, Verena Hechenblaikner, Matthias Sonntag, Tim Weber, Andreas Neun, Wolfgang Bosch, and lawyers Nico Holtkamp, Linda Bittner, Konrad Discher, Benjamin Herz, and Antonia Harbusch.