Schleuniger – acquisition in growth market China

The company, based in the port of Tianjin in north-east China, manufactures wire processing machinery and primarily supplies the Chinese automotive industry. With the purchase of the assets in Tianjin Haofeng Electrical Equipment, the Metall Zug Group is increasing its presence in the Wire Processing business unit in Asia. The assets will be transferred to Schleuniger Haofeng (Tianjin) Machinery, which will commence operations in July 2013. The owner of the existing company will hold a share of 30% and continue to manage the company in the role as General Manager. The acquisition includes all assets, particularly production equipment, inventory, semi-finished goods, finished goods, patents and brands. The workforce of approximately 130 will also be retained. The parties have agreed not to disclose the purchase price. "With the establishment of Schleuniger Haofeng (Tianjin) Co., Ltd., Metall Zug is emphasizing the significance of the Chinese market in the wire processing industry. The seamless continuation of Tianjin Haofeng Electrical Equipment Co., Ltd.'s activities under the new management of Schleuniger, and the amalgamation of the core competencies of both companies allow Schleuniger to take a significant step forward in our strategically important segment of the automotive industry," commented Christoph Schüpbach, CEO of the Metall Zug Group's Wire Processing business unit.