A few days ago, the signing ceremony of Geely Auto's acquisition of Australian automatic transmission company was held in the New South Wales Government Building in Australia. This is the background of the financial crisis, Geely Automobile "the first single out of the world."
Nearly 300 million yuan at the bottom of the second largest transmission company
According to Geely Automobile vice president and press spokesman Wang Ziliang told the Nanfang Daily reporter, the acquisition of the automatic transmission company named DSI (DrivetrainSystemsInternational), is the world's second largest automatic transmission company, is Australia's largest supplier of automotive parts , With an annual output of 180,000 sets of automatic transmission production capacity.
DSI has more than 80 years of history. Its products cover four-speed and six-speed front-to-back and full-drive high-torque automatic transmissions. They are used by Ford, Chrysler, and South Korea’s Shuanglong and other world famous automobile companies. Currently, they are currently researching and developing the world’s advanced eight-speed Drive automatic transmission, DCT dual clutch transmission and CVT continuously variable transmission.
Under the influence of the global financial crisis, DSI was also severely hit and entered bankruptcy procedures in mid-February this year, and its business continued to face historical choices. Ford’s vehicle companies in Australia have also been affected. Geely was involved in the DSI company at this time.
Wang Ziliang said that the negotiations between the two sides lasted only one month and that the acquisition was quick because of "recognized and strongly supported by the governments of China and Australia."
An announcement issued by Hong Kong-listed Geely Automobile (stock code 000175) disclosed that the acquired business refers to DSI's design, development and production of automotive automatic and manual transmissions in Australia, but does not include the supply of automobile transmissions to Ssangyong or TagAZ by the seller. (and related quality services) operations and business. The final consideration for this acquisition is estimated at A$58 million (approximately RMB 273 million).
Automatic transmission technology will be introduced domestically
Geely said that the acquisition of DSI automatic transmission company will provide DSI with a new strategy for global development. First resumed the supply of Ford, then introduced DSI's products and technologies into the Chinese auto industry, provided Chinese auto companies with world-leading automatic transmission products, and at the same time sought DSI's approach to low-cost procurement of parts and components in China; and for DSI’s New product research and development provides financial support to ensure DSI's leading position in the international market.
After the financial crisis brought a fatal blow to the international auto industry, whether Chinese car enterprises that have better preserved their strength should “buy the bottom†and acquire international automobile assets have become the focus of public opinion.
Wang Ziliang introduced that through the acquisition of DSI, Geely further enriched the product line based on the original intellectual property rights of the existing small-torque automatic transmission and strengthened the research, development and production capabilities of Geely's automatic transmission. Geely will continue to maintain the relative independence of the DSI brand and DSI's operations to ensure that it serves global customers.
Geely also believes that overseas mergers and acquisitions will allow China's own-brand auto companies to gain greater room for growth while mitigating the competitive pressures in the domestic market. Compared with joint-venture auto companies, the expansion of independent brand auto companies overseas will become more flexible and flexible.
At present, Geely has established its overseas expansion strategy. It takes a serious and prudent attitude towards overseas mergers and acquisitions, and will seek out target companies in the international automotive field based on its own development strategy to achieve complementary strengths. Wang Ziliang said, "This opportunity will be many."
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