Zhejiang Private Enterprises Find Opportunities To Annex The Largest Sewing Machine Enterprises In Europe
When the "investment group" of China went to Europe to find a good opportunity, Zhejiang's private enterprises had taken the lead. Morning Post reporter was informed yesterday, Taizhou sewing machine leading enterprise Jack Holdings Group recently and Europe's largest Make up equipments Manufacturer, PFAFF industrie Maschinen AG (hereinafter referred to as PIM) signed full funding. Buy The intention will be formally signed at the beginning of next month.
This intention will mean that Shang Shang Bei (600843) has failed in a similar acquisition plan. Shang Shang Shen Bei announced in December last year that the board meeting deliberated on the motion that overseas companies intend to buy part of PIM assets.
Century old shop application bankruptcy protect
Founded in 1862 and headquartered in Kaiserslautern, Germany, PIM is the largest professional sewing machine manufacturer in Europe. In September last year, the 100 year old shop was applied for bankruptcy protection by its major shareholder and was accepted by the local court. The reason is that the company has been losing money for nearly 3 years, plus the large shareholder decided not to inject capital, and the capital chain was declared broken.
Subsequently, the court appointed bankruptcy The manager is responsible for the normal business activities of the company, while looking for the strategic investors in the industry. "We have signed a wholly-owned acquisition intention with Pak Fu, and are entrusted with the relevant agencies to do a due diligence survey to make a final verification of their asset quality and financial risk." Yesterday, Jack Holdings Group insiders revealed that optimism is expected that early April, the two sides can sign a pfer agreement.
Jack is located in Taizhou, Zhejiang. Sewing machine One of the leading enterprises, in 2008, sales volume was 1 billion 20 million yuan, of which exports increased by 36% over the same period, and a number of economic indicators ranked first in the industry. Jack will receive PIM's brand, technology, trademark, sales network and inventory in more than 130 countries and regions, and its 1 factories located in Taicang, Jiangsu. The total assets of the plant are about 100 million yuan, and net assets are about 40 million.
Go to work Acquisition plan Or fail
Jack insiders did not disclose the specific purchase price, saying only that PIM would divest the relevant liabilities and front-line workers before receiving the offer. Public information shows that financial crisis In addition to the huge losses, PIM has another 40 million euros in current liabilities.
In March 6th this year, Jack Holdings Group senior high school went to Beijing to report the acquisition progress to the Ministry of Commerce and China Light Industry Federation. The press release released by the company website revealed that the acquisition was "highly valued and fully affirmed by all the leaders".
Jack's takeover will make the similar plans of Shang Shang Bei Bei (Group) Limited by Share Ltd fail. In mid December of last year, the Shang Gong Shen Bao announced that it was deliberated by the board meeting, and that the German Du Copp Adler Limited by Share Ltd, a holding company with overseas wholly owned subsidiaries (Europe) holding limited liability company, proposed to move to the bankruptcy administrator appointed by the local court to propose a motion to purchase part of the assets of the PIM company. But up to now, Shang Shang Shen Bei has not released the latest news.
However, the Morning Post reporter noted that in the 7 China Trade and investment promotion cooperation group of the Ministry of Commerce, representatives of Shang Shang Bei were among them. Related notes indicate that the company is discussing investment cooperation with its German counterparts.
Jack insiders believe that compared with the domestic counterparts, the company's comprehensive advantages and synergies are strongest. "Other Chinese funded enterprises have only 20% of the product types consistent with 100 Fu, while Jack's consistency is more than 80%. Our production line and product specifications are all docking, which can maximize operational efficiency and minimize operating costs.
Editor in chief: Xu Qiyun
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