According to foreign media reports, Bosch announced that it will sell its subsidiary SG Holdings to Zhengzhou Coal Mining Machinery Group and private equity company Chongde Investment for US$595 million. It is reported that SG Holdings is mainly engaged in starter and generator business.
Zhengzhou Coal Mining Machinery Group (Zhengmei Coal Machinery) is mainly responsible for the production of auto parts and coal mining machinery. It is also considered to be the largest manufacturer of hydraulic supports in China. Its revenue in 2016 was approximately RMB 3.6 billion. On the same day, Zhengzhou Coal Mining Machinery Co., Ltd. announced on the same day that the M&A price was 545 million euros (about 4.098 billion yuan), and it will receive no less than 86.16% of SG Holdings. It is reported that the transaction is expected to help SG Holdings penetrate the Chinese market.
Zhengzhou Coal Mining Co., Ltd. expects that with the internal resources of Zhengzhou Coal Mining and Chongde Investment, the investment amount will not exceed 440 million Euros, and the rest will be funded through external bank financing.
The Bosch Group said that after the completion of the merger, Zheng Coal will take over nearly 7,000 employees of its starter and generator subsidiary (SG) and 16 locations in 14 countries. At the same time, the headquarters of the Bosch subsidiary SG in Stuttgart will be retained.
Zhengzhou Coal Machinery said in the announcement that the merger will not be completed until the regulatory authorities of China, Germany and the United States have passed the audit. At the Bosch Group level, it is also necessary to meet the conditions of “no employee oppositionâ€.
Headquartered in Stuttgart, Germany, the Bosch Group is one of the country's most famous old-fashioned industrial giants, with sales of auto parts and household appliances, and its 2016 sales of 73.1 billion euros (about 579.7 billion yuan). Bosch has ranked first in the world for six consecutive years in the ranking of auto parts companies announced by the US Automotive News.
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