The German automotive supplier Allgaier is about to be sold to a Chinese investor.

According to information from the FAZ, the Federal Ministry of Economics (BMWK) has already approved the takeover.

This allows the family of former employer president Dieter Hundt, who owns the company, to sell the sheet metal worker.

It is not known who the investor is.

From employee circles it can be heard that it is a strategic investor who wants to maintain the collective agreements.

Gustave parts

Business correspondent in Stuttgart.

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Allgaier has 1,800 employees and is based in Uhingen, east of Stuttgart.

Sheet metal is deformed for the automotive industry, for example.

The company is also active in machine and tool construction, for example in the manufacture of screening systems.

According to a spokeswoman, Hundt holds 75 percent of the shares, and his two children each hold 12.5 percent.

The 83-year-old Hundt headed the Confederation of German Employers' Associations from 1996 to 2013, is Honorary President and, as Chairman of the Supervisory Board of the Zhongde Metal Group, which advises German medium-sized companies in China and Chinese companies in Germany, has close ties to China.

Problems before the pandemic

It has been known for some time that Allgaier is for sale.

"There are talks with investors," said the spokeswoman.

The financial situation is tense: "After enormous efforts by everyone involved, the fears are over," it said in December 2020, when Allgaier announced that financing was secured until 2023.

A new managing director took over in October.

Even before the pandemic, Allgaier announced cost reductions and staff reductions, citing the “extremely declining” order intake in toolmaking as the reason.

Chip crisis and pandemic losses were added.

The spokeswoman gave no details about the sale: "In order not to jeopardize the ongoing process, we are not commenting on the negotiations." She did not deny that it was a matter of Chinese.

The federal government can veto takeovers by non-EU foreigners.

The BMWK under Robert Habeck (Greens) confirmed that the transaction is being examined, but did not provide any information on the status of the process.

Christine Lambrecht's (SPD) Ministry of Defense was also involved.

The BMWK had requested an opinion, said a spokeswoman.

From a defense policy point of view, there are no indications that the acquisition in question will have an adverse effect.

In January, the government refused to approve a takeover of Siltronic, which makes silicon wafers for chip production.

The manufacturer Globalwafers, a competitor from Taiwan, was interested in the Munich company.