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Following the acquisition of Preh, a German automotive electronics parts company, Ningbo Junsheng Auto Parts Co., Ltd., the reporter was exclusively informed that Huaxiang Group will also share with the North American Engraving Company on the evening of the 31st of this month to complete the 100% equity purchase.
Since 2006, this acquisition has been the third acquisition of Ningbo Huaxiang Group. "The development of enterprises towards the high-end market will take too long. To speed up the pace of development and expand the company, mergers and acquisitions are the only way." Zhou Xiangmei, chairman of Huaxiang Group, told reporters.
The five-year acquisition of “three acquisitions of related assets of mergers and acquisitions has been completed, we will be on December 31 for equity delivery.†Zhou Cimei told reporters.
North American Engraving Company is the world's second-largest supplier of aluminum alloy decorative parts for luxury cars. It mainly manufactures 3 types of products including auto parts, electrical and electronic appliances, and aluminum nameplate signs. Its customers include GM, Ford, Chrysler, Mercedes-Benz and other European and American customers. Well-known car manufacturer. In 2011, the northern printing sales amounted to approximately 96 million U.S. dollars. In 2012, it is expected to reach 110 million U.S. dollars. There are 5 factories in total.
The Huaxiang Group subsidiary Ningbo Lawrence Auto Interior Decoration Co., Ltd. (hereinafter referred to as “Ningbo Lawrenceâ€) is responsible for this acquisition. “The northern United States engraving company has a history of more than a hundred years. Since the boss was old enough to find a suitable heir, it sold the company.†Ma Zhicong, general manager of Ningbo Lawrence, told reporters that the cost of acquiring North American engraving company is about 90 million US dollars. . After the acquisition, Ningbo Lawrence will set up a holding company in the United States and the United Kingdom to manage the acquisition project, and at the same time build a new factory in China to produce aluminum trims for luxury cars and to seek business opportunities in the fast-growing Chinese luxury car market.
This is already the third acquisition of Huaxiang Group. The first acquisition took place in December 2006. Due to the impact of price cuts by the British spare parts industry, Lawrence has been losing money for many years. Lawrence is the third largest auto parts supplier in the world. The company's wholly-owned subsidiary, its mahogany products in the global market share of about 10%. Ningbo Huaxiang Group invested RMB 3.4 million to acquire 100% of Lawrence Corporation from Yingdeier Company and established Ningbo Lawrence Auto Interior Decoration Co., Ltd. in Xiangshan, Ningbo.
However, Ningbo Huaxiang Group's development after the first acquisition did not go smoothly. Due to the lack of thorough analysis of the market cycle of existing products, Ningbo Huaxiang Group, after acquiring Lawrence, could not get orders from the original OEM, plus the impact of exchange rate adjustments. The acquired Laurence company suffered losses for several months and the amount of losses reached 25 million yuan.
In response to high labor costs in the United Kingdom, the Huaxiang Group shifted half of its production capacity in the Lawrence plant to Ningbo Xiangshan. “In the second half of 2008, the financial crisis affected the automotive industry. We were forced to switch off our UK factories and all moved to Ningbo to reduce manufacturing costs. At the same time, we continued to search for new markets in Europe and the United States. In 2008, we found projects such as the US Ford automaker. After we find the market, we can make a profit." Zhou Cimei told reporters.
After profit, Ningbo Lawrence invested another 30 million US dollars in 2010 to acquire the British Jaguar Land Rover True Wood Manufacturing Center, and now Ningbo Lawrence has become one of the world's top three automotive real wood decorative parts suppliers.
Speaking of Huaxiang Group’s three overseas acquisitions, Zhou Cimei told reporters, “We are crossing the river by feeling the stones. Huaxiang Group’s acquisition of Lawrence of the United Kingdom has suffered and gradually tasted the sweetness. It also provided experience for this acquisition. And the basis of reality. To speed up the pace of development and growth of enterprises, M & A is the only way. Overseas acquisitions are an important means of strategic expansion of Huaxiang."
Grafting overseas technology leverages the technological advantages of international brands to expand the market, which is the main purpose of Huaxiang Group's enthusiasm for overseas mergers and acquisitions. After Ningbo Lawrence’s acquisition of the Jaguar Land Rover Zhenmu Manufacturing Center, its global market share in the automotive real wood interior trim industry has increased from 8% to 22%.
At present, more and more domestic parts and components companies have gone abroad to acquire overseas companies. Xu Jinquan, CEO of China Automotive Consultation Center, pointed out that on the one hand, the financial crisis and the European debt crisis have reduced the market demand of automakers for auto parts companies in Europe and America. These overseas auto parts companies do not get orders from OEMs and face operational difficulties. On the other hand, a few domestic parts and components companies have advantages in terms of scale. If they are further developed, they must break through the barriers to core technology. Overseas mergers and acquisitions are a way of rapid development and can make up for shortcomings in a short period of time.
At present, the status quo of domestic auto parts companies is that they are small in scale, weak in strength, and lack of R&D capabilities. For example, Ningbo, which has the auto parts industry as one of the main pillar industries, owns more than 3,000 large and small parts companies, but most of them are not large scale, and the competitive advantage is generally dependent on cheap labor. The relevant person of Ningbo Automobile Parts & Accessories Association stated that although many products in Ningbo are gradually moving towards the high end, there are still many low-tech products in total, which are facing the pressure of overall transformation and upgrading. According to Chen Wenkai, president of Gasgoo.com, the development of parts and components will determine the development of the whole vehicle. China has become the world's largest market and automobile powerhouse, but facing the industrial transformation, only the core competitiveness of auto parts and components companies can be improved first. significance.
However, local auto parts companies have increased their technological capabilities through overseas acquisitions, and it has become increasingly clear that foreign companies have mastered the strategy of controlling key technologies and market conditions. After acquiring the global steering and transmission business of General Motors of the United States, Beijing Pacific Century Automotive Systems Co., Ltd. accelerated the accumulation of technology, talents, and experience and became a global leader in auto parts and components. In addition, BWI acquired a series of overseas acquisitions such as the Delphi brake and suspension business of the United States and Zhejiang Wanxiang’s acquisition of the steering shaft business of US auto parts companies.
“With regard to the core technology of owning key components, there is a large gap between domestic parts and components companies and international parts and components companies. However, it cannot be said simply that the technology content of products produced by private parts and components companies is low, and it took only 20 years for domestic auto parts to start. The start-up time of parts and components companies is also similar, and future parts and components companies must have the ability to co-develop new products together with OEMs, and this will be the way out. This is also the future market trend of parts and components companies. After the completion of our acquisition, we will invest. RMB 50 million to set up an R&D center in the UK to develop new technologies and new products,†Ma Zhicong told reporters.
Huaxiang Wins 90 Million U.S. Dollars to Score North America
In order to break through the difficulties of technology, more and more domestic auto companies have gone overseas to purchase this road.