TMB Acquires Qiqihar Heavy CNC Equipment Corp

Resource from: Sally-CBCC Likes:2941

Aug 31,2007

TMB Acquires Qiqihar Heavy CNC Equipment Corp On August 29, Zhejiang Tianma Bearing Co., Ltd.(TMB) announced that it will make an investment of RMB 300 million (RMB 1.82 per share) in Qiqihar Heavy CNC Equipment Corp. Ltd After the transaction, TMB will own 51.58% stake of Qiqihar Heavy CNC Equipment Corp. This is the fist time that private enterprise acquires large state-owned enterprise in machine tool industry. Qiqihar Heavy CNC Equipment Corp. Ltd (Former Qiqihar First Machine Tool Works) is the national key enterprise in machinery industry. After many years of development, it has become the leading company of CNC machine in China. With RMB 300 million investments, Qiqihar Heavy CNC Equipment Corp. Ltd is expected to bring RMB 0.40-0.50 Yuan in earnings per share for TMB, about RMB 114-118 Yuan. Zhejiang TianMa Bearing Co., Ltd.(TMB) is engaged in the research, development, production and sale of various bearings. The Company offers more than 2000 types of bearings mainly under two categories: general bearings and railway bearings. Its general bearing products include cylindrical roller bearings, deep groove ball bearings, angular contact ball bearings, thrust ball bearings, four- point contact ball bearings, spherical roller bearings, thrust spherical roller bearings, tapered roller bearings, spherical plain bearings and slewing bearings. The Company has two production bases in Hangzhou and Chengdu, respectively, and 13 sales branches throughout China. Its products are distributed in the domestic market and exported to overseas markets, such as Europe and the United States.

(Sally-CBCC)

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