Huaxiang Electronics (002048) To Acquire Sellner GmbH And IPG
- Details
- Category: Ningbo Business
- Published: Friday, 11 November 2011 08:26
November 10 – Ningbo Huaxiang Electronics (002048) will spend 27.3 million euros to purchase three companies, reports yicai.com, citing a company filing.
Huaxiang will purchase Sellner GmbH and IPG Industrieplast GmbH for 18.7 million euros, US Sellner Corporation for 2.6 million euros, and Wech CHEB spol.sr.o. for six million euros.
Following the acquisition, the Chinese firm will become the second biggest player in the global interior decoration wooden component market.
German Sellner is a leading supplier of high-end automobile interior decoration components, and the second largest supplier of natural mahogany high-end automobile interior decorations with 20 percent of the market.
Sellner has long-term supply agreements with BMW, Daimler and Audi. In 2010, it had total assets of 129 million euros and net assets of 20.61 million euros, with sales of 220 million euros in the same year.
The acquisition will allow the Chinese buyer to possess the core technology required for wooden interior decoration production, marking a step forward towards its goal of becoming an international component supplier.
At the end of September, the firm injected capital and updated production of its high-end interior decoration, with a view towards supplying BWM and Volkswagen. The project is expected to generate net profits of 57.37 million yuan on revenues of 230 million yuan.
