Wanxiang American Acquire Ford Propshaft Operation
Resource from: cbcc-yinx Likes:3032
Apr 05,2007
Wanxiang American Acquire Ford Propshaft Operation
On Apr. 2, Ford Motor signed the memo of understanding with Neapco LLC, a North American affiliate of the Wanxiang Group for the sale of their Auto Component Holdings’ propshaft operation.
The propshafts are currently produced at Auto Components's Monroe plant. The proposed operation would require a facility one-fifth the size of the current plant and a search for a smaller facility to house the propshaft operations is underway, Ford said.
The deal is contingent upon a new and competitive agreement with the United Auto Workers and state and local incentives, the company noted.
Financial terms of the proposed deal weren't disclosed.
This is another great success of Wanxiang Group since their purchasing 33.5% of Rockford’s shares in July 2005. So far, Wanxiang Group has built or acquired 27 subsidiaries in United States, Britain, Italy etc.
Reportedly, by means of acquisition, joint venture etc. Wanxiang Group has cooperated with dosens of foreign enterprises such as UAL, QAI, IPPD, BT etc.
Since acquiring 60% shares of PS company, Wanxiang American has become the biggest beneficiary of costless operation divestments by three major American auto companies, Ford Motor in particular.
In China, lots of enterprises like advertising their attempts of overseas acquisition. In contrast, Wanxiang Group, the silent player, has always conducted overseas acquisition and now being the real beneficiary of overseas acquisition. They always know the exact time to acquire and the target are, without exception, in line with their own businesses. And, it seems that they have mastered the skill to purchase a plant including its sales network, to optimize the industrial chain as well as the ways to get rid of troubles caused by layoff and labor union.
(cbcc-yinx)
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