Shanggong Steps Away from INA/FAG Acquisition

Shanggong Co. Ltd. (China) said it has decided to delay indefinitely its acquisition of Duerkopp Adler AG (Germany, a subsidiary of INA Holdings AG, Germany). The reasons cited by Shanggong were unclear, although eBearing has been told Shanggong unilaterally reopened negotiations and is seeking a lower purchase price. Duerkopp Adler, INA's industrial sewing machine and conveyor systems subsidiary, came to be part of the business when it acquired FAG Kugelfischer Georg Schafer AG. FAG had been trying to sell off Duerkopp Adler since at least 2000, after a significant turnaround effort succeeded in returning Duerkopp to profitability. Today we think of FAG as a bearing company, but in fact it all started as a sewing machine repair shop in the late 1800's.