Prost said he sold his shares in anticipation of a time when he will step down from leading the company and that he chose this time because Liqui Moly is healthy financially.

I wanted to make provisions with a minimum of fuss, when things are going well and we dont have to decide under difficult circumstances, he said in a press release.

Liqui Moly recently announced that it recorded sales revenue of more than 500 million for the first 11 months of 2017, which represented a doubling of its sales in the past eight years. In an open letter to employees, Prost said the company has no debts, an equity ratio of 80 percent and has posted profits of more than 40 million per year for the past three years.

Wuerth is based in Kunzelsau, Germany, and has more than 80 subsidiaries involved in fasteners, screws, dowels, chemicals, electronic and electromechanical components, furniture, tools, machines and automotive hardware. It has more than 70,000 employees and annual sales of 12.5 billion.

The companies said Liqui Moly will remain a stand-alone company under Wuerth and that the transaction will not affect operations. Prost remains CEO of Liqui Moly.