Press Releases, 10.09.2013

Management Team Acquires a Stake in Preh

Bad Neustadt a. d. Saale/Ningbo. The management of Preh GmbH has acquired a shareholding of app. 2% in the Preh Group from the parent company Joyson Electronics, Ningbo (China). Along with the five managing directors, 24 second-level managers (directors and managing directors of international branches) acquired a stake in Preh. This share acquisition by the first and second leadership level signals two things: it is clear proof of the trust of Preh’s Chinese majority shareholder Jeff Wang in the management team. And, with their share acquisition, the Preh executives have committed even more strongly to the company, underscoring their conviction that they can achieve their ambitious growth targets with Preh.

Commenting the participation of the management in Preh, Joyson founder and majority shareholder Jeff Wang said: “We already said when we took over Preh two years ago that we aimed for the highest level of continuity for customers and employees. Due to the continued successful development of Preh, the participation of the first and second level management is in my view consistent and logical. With this mutual commitment, we will write a sustained history of successful growth.”

Within the Joyson Group, Preh represents the Automotive Electronics division which accounted for roughly two thirds of group turnover with sales of more than 460 million EUR in 2012. Preh carries correspondingly high weight within the automotive activities of Joyson.

Alongside its automotive activities, the Joyson Group, Ningbo (China), also comprises a real estate division. In the automotive segment, the group recorded total sales of 680 million EUR in 2012 with some 6,000 employees. Its automotive activities are combined in the listed company Joyson Electronics (600699:Shanghai) which consists of the divisions Automotive Electronics (Preh) and Automotive Components (Joyson). The automotive supplier Joyson was founded in 2004, while Preh, founded in 1919, has a history spanning almost a century. The majority takeover of Preh took place in 2011, and Preh has been a fully owned subsidiary of Joyson Electronics since year-end 2012. 

Preh is a globally active automotive supplier and currently employs 3,300 employees in Germany, Portugal, Romania, Mexico, the United States and China. Preh is headquartered in Bad Neustadt a. d. Saale, Germany. Its head office is located in Bad Neustadt a. d. Saale. The development and manufacturing activities of Preh focus on climate control and driver control systems, electronic control units, sensors and assembly systems for leading automotive manufacturers.