Dutch screw and car fastener supplier Nedschroef is being taken over by Chinese company Shanghai Prime Machinery Company for €325m.

The company’s headquarters will remain in the Netherlands and all current production facilities will remain open, the Helmond-based firm said in a statement. Nedschroef has a global workforce of some 1,500 and operations in 14 countries.

The Dutch company was in the hands of European venture capital companies Gilde Buy Out Partners and Parcom Capita.

Nedschroef hopes the deal will give it access to the Chinese market while Shanghai Prime considers the Dutch firm interesting because of its broad access to European car manufacturers.

Shanghai Prime is listed on the Hong Kong stock exchange and is a 49% subsidary of the Shanghai Electric Group Corporation.