Weichai Power plans to purchase 2.99 million euros for French companies to acknowledge access to General Motors
A wholly-owned subsidiary of Weichai Power invested EUR 2.99 million to obtain the assets of French MOTEURS BAUDOUIN Co., Ltd. (hereinafter referred to as Bauduon).
On the evening of February 22, Weichai Power Co., Ltd. (hereinafter referred to as Weichai Power) issued an announcement confirming that the transaction was performing administrative approval procedures.
Weichai Power (Hong Kong) International Development Co., Ltd. (hereinafter referred to as Weichai Hong Kong) is a wholly-owned subsidiary of Weichai Power. On January 23, 2009, Weichai Hong Kong obtained the assets of Baudouin Co., Ltd. for a bid of 2.99 million euros. The book value of this asset is approximately 13,817,700 euros.
With a registered capital of 3.55 million euros, Baudouin is registered in Cassie, Prosvén, France and has a history of more than 100 years. The company is mainly engaged in the design, development and sales of engines and drive assemblies. The main products include: engines, gearboxes, driveshafts and propellers.
Weichai Power stated that through the acquisition, the company will acquire the products, technologies and brands of Baudouin, promote the company to further explore the foreign market, expand the company's product range, and promote the coordinated development of the business.
However, this asset transfer contract has not yet been signed and the acquisition project is performing related administrative approval procedures.
The Weichai Power Announcement also disclosed that Weichai Hong Kong had a preliminary contact with General Motors in a component manufacturer in Strasbourg, France in December 2008, and conducted the possibility of cooperation in technology, products and other aspects. Preliminary discussion and research. However, no agreement or agreement on cooperation has yet been reached.
Weichai Power's official website stated that the company's sales revenue in 2008 exceeded RMB 50 billion, making it the largest auto parts enterprise group in China. Its business includes powertrains, commercial vehicles, and auto parts.
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