Author: Zoomlion Source: Zoomlion 2008-10-14
On September 28th, Zoomlion, cooperated with Hony investment, Goldman Sachs, and Mandarin Fund, signs a overall acquisition purchase agreement with CIFA in Changsha. Zoomlion complete the acquisition of the shares of CIFA by cash. Therefore, the world's largest concrete machinery manufacturer was born.
The first manufacturer in the world together
This deal is second-largest acquisition activity for Chinese enterprises in Europe, first largest in Italy, and is also the largest cross-border acquisition in the global machinery industries. After the completion of the acquisition, Zoomlion becomes the world's largest concrete machinery manufacturer.
According to previously disclosure of information, Zoomlion, together with Mandarin, Legend Hony, and Goldman Sachs, co-financing 271,000,000 euros, buy 100% of CIFA equity. Among which, Zoomlion accounted for 60% of the rights and interests by putting up capital of 160,000,000 euros (about 17.27 100,000,000 yuan). Three years after the completion of the transaction, Zoomlion will acquire the remaining 40% of the rights and interests from its joint ventures.
CIFA, which has a 80-year professional R & D, manufacturing and marketing experience, ranks the first three of the world's famous brands among concrete machinery industries.
Zoomlion commits to the three principles
It was said by Zhan Chunxin, the chairman and chief executive officer of Zoomlion, in the delivery ceremony that Zoomlion attaches great importance to the integration of the two major brands, Zoomlion and CIFA, after the success of the acquisition, and in a short period of time, Zoomlion established three major principles, namely: keep stability of CIFA s management team and workforce; to keep CIFA independent, autonomous; realize resource sharing in the global technology market.
In particular, after the completion of the delivery of equity, CIFA will retain the existing management team, implement the localization of management, and Mr. Ferrari will continue to serve as the new chairman of the board of CIFA.
Ferrari said in an interview after the delivery ceremony: CIFA staff and management are very happy about the merger with Zoomlion, because, Zoomlion can bring manufacturing experience and solid strength, this will create a good opportunity for CIFA to better meet customers needs. At the same time, Zoomlion can bring sufficient resources to help CIFA access to new markets.Both business coverages and product lines complement each other very well. CIFA's Customers will get full benefits from a broader product line, sales and service network, and stronger support of distributors.
Business covers on six continents of the world
September 28 is just right the celebration of the 16th anniversary of Zoomlion. Young and the rapidly growing Zoomlion, attracts world attention in the peer-eye, at the same time, Meets the globalization of the considerations .
The Deputy Secretary of the Provincial Party Committee, Governor of Hunan Province Zhou Qiang at the ceremony, represented: Zoomlion s full acquisition of Italy CIFA, is another successful example for Hunan enterprises getting into the international market, after Valin s introduction of Mittal."
"This transaction will result in a major fully integrated, the world s leading large-scale construction equipment manufacturer, and its business covers six continents of the world. Zoomlion chairman and chief executive officer, Zhan Chunxin, in the delivery of the new ceremony, represented: Merger and acquisition will fully combine CIFA s good international brand, global marketing network, innovative technology and experienced management team with Zoomlion s leading position in the Chinese market, diversification of products, as well as the expertise of manufacturing industry.
These can increase productivity, expand our concrete machinery for the world s leading position and to capture better emerging market opportunities. He also said that We are very confident that the two sides achieve a smooth and success integration of business.
Similarity of enterprise culture between the two companies
When talking about the future of both sides, the Ferrari hold that Zoomlion and CIFA have very close enterprise culture and innovative spirit, and the combined company management team is so strong and experienced. I firmly believe that by cooperating together, we will become the world's leading enterprises, to create a successful future. Ferrari also told reporters, in his office hung with core idea of Zoomlion enterprise culture Complete sincerity remains peaceful, and rich abundance last forever , eight Chinese characters.
Italian Ambassador Xie Sa said that the Italian government is very satisfied with will give full support to the cooperation of Zoomlion and Italy CIFA, and believes both parties will have more cooperation. He wishes the two sides achieve richer results in the markets of globalization.
CIFA is Europe's leading manufacturer of concrete equipment, its a full set of product lines including concrete pump, concrete mixer, concrete mixing stations, and concrete template. CIFA was established in 1928, is headquartered in Sena Ge, Italy, has 7 production plants in Italy, two sales / after-sales centers in the United States and Mexico. CIFA s sales in 2007 amounted to 300,000,000 euros, ranked second of the pumping machinery manufacturers and third of the concrete mixing truck manufacturers in Europe and the United States.
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