On July 12, the signing ceremony for the purchase of GM’s NEXTEER global steering and transmission business by Beijing Pacific Century Automotive Systems Co., Ltd. (“PCMâ€) was officially held at the General Motors headquarters in Detroit, USA. According to the plan, the largest overseas acquisition of Chinese auto parts companies will be completed in the fourth quarter. Interestingly, PCM is a consortium formed by ST Songliao’s current major shareholder Yizhuang International and its former actual controller, Tianbao Group.
According to informed sources, the purchase of this transaction will be directly acquired by PCM 100% of NEXTEER's equity owned by General Motors.
According to reports, Tianbao Group has long favored the universal global steering and transmission business. The company has been tracking and investigating the business for more than two years. After GM announced the sale of this business, it established a highly experienced team of experienced experts in North America. The project acquisition team and a professional organization implement the negotiation and operation of project acquisitions. This is another overseas acquisition of Tianbao Group following the successful acquisition of DELPHI suspension and brake business in 2009.
According to statistics, General Motors NEXTEER has 20 manufacturing plants and 3 R&D centers in 13 regions in 7 countries, and 14 customer service centers worldwide; R&D technical team including 1,100 engineers, and R&D center independent and customer Jointly owned patents and complete databases. What is more worth looking forward to is that this acquisition will also bring in more than 50 high-end customers worldwide including GM, Ford, Chrysler, Volkswagen, Toyota, etc. The sales revenue in 2010 is forecast to exceed US$2 billion, and the profit before tax will exceed 1.4. One hundred million U.S. dollars. In addition, NEXTEER also has a strong R&D foundation and strength. It has three R&D centers in Detroit, Suzhou, China and Paris, France.
At present, PCM is very optimistic about this project acquisition. Yizhuang International and PCM Chairman Zhao Guangyi said: "From the prospect of NEXTEER development, the new owner will not only bring in capital, but also bring new development, which will enable NEXTEER in product technology and manufacturing. It will usher in global growth, especially in the future development of the Chinese market."
However, for this acquisition, industry insiders said that the automobile industry has become a pillar industry in Beijing. Beijing is keen to expand the automotive industry. However, whether or not it can absorb the acquisition of technology assets and form an innovation breakthrough is the key. Prior to that, BAIC had been controversial in the acquisition of Saab's related technology assets. Despite harvesting related technologies and shortening research and development time, the breakthrough in independent innovation was not obvious.
In this regard, analysts believe that as the Chinese auto industry absorbs overseas core manufacturing technologies, industrial operating experience, and the increase in global sales networks, Beijing will regard the parts and components industry as a breakthrough to shorten the gap with the developed countries’ automotive industry, and only realize independent innovation. Can become the key to sustainable development.
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