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BEIJING -- Chinese auto parts manufacturer Lingyun Industrial Group said Tuesday that it has acquired German car-lock maker Kiekert with a controlling stake of 55 percent.
The remaining 45 percent of Kiekert's equity is held by two other Chinese companies, according to a press release issued by Lingyun at the agreement's signing ceremony.
The agreement will promote the entrance of Chinese companies into the high-end auto parts market and allow them to compete globally, the news release said.
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