Weichai Power Purchases Europe-based Kion Group
2012-09-05 Source：www.chinabuses.org
Summarize：On September 3rd, Weichai Power signed the strategic cooperation agreement with Kion Group in Jinan City.According to the agreement signed by the two sides, Weichai Power, which is headquartered in Weifang, Shandong province, and is part of the Shandong Heavy Industry Group, will acquire a 25 percent stake in Kion Group, the world's second-largest forklift maker, for 467 million euros, and a 70 percent controlling stake in Kion's subsidiary Linde Hydraulics for 271 million euros, from KKR & Co and Goldman Sachs Group Inc.
www.chinabuses.org: On September 3rd, Weichai Power signed the strategic cooperation agreement with Kion Group in Jinan City.According to the agreement signed by the two sides, Weichai Power, which is headquartered in Weifang, Shandong province, and is part of the Shandong Heavy Industry Group, will acquire a 25 percent stake in Kion Group, the world's second-largest forklift maker, for 467 million euros, and a 70 percent controlling stake in Kion's subsidiary Linde Hydraulics for 271 million euros, from KKR & Co and Goldman Sachs Group Inc.
Weichai Power acquired 130-year-old French diesel engine and gearbox maker Moteurs Baudouin in 2008, and purchased a 75 percent stake in Italy's Ferretti Group, one of the top builders of luxury yachts in the world, in January.
Analysts said that hydraulics control systems are a bottleneck technology for China's booming equipment manufacturing industry, the largest in the world, which relies heavily on imports, especially in the high-end sector. China's hydraulics control systems imports totaled 30 billion yuan ($4.7 billion) in 2011, and are increasing this year.
The investment in Kion Group will be a shortcut for Weichai Power to master world-leading high-end hydraulics technology and apply it to many industries such as engineering and agricultural machinery, yachts, aviation and aerospace, said analysts.
Kion Group is the world's second-largest and Europe's biggest forklift truck maker, with a global market share of 15 percent. It has 12 forklift manufacturing facilities around the world, and its sales network extends to more than 100 countries.
Germany has been a major target in recent years for Chinese companies seeking global expansion through mergers and acquisitions.
Weichai Power planned to cooperate with Kion Group in many other aspects, such as spare parts, etc.
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