Beijing Jingxi Heavy Industry Co., Ltd. applied for Delphi’s brake and suspension system business and related assets. It was approved by the National Development and Reform Commission on September 3rd. Prior to this, the U.S. Foreign Investment Commission formally approved the project on August 5. This means that Jingxi Heavy Industry has fully owned the latest technology and existing business of Delphi chassis brakes and suspension systems. "It is expected that the first day of delivery of assets will be November 1." According to sources close to Jingxi Heavy Industry, after successfully completing the acquisition of Delphi's business, Jingxi Heavy Industries also plans to fully reorganize Tianbao Group. The latter is a privately-owned company that focuses on parts and components, has global sales network and rich international market experience, and is also the actual trader of the Delphi M&A case. Beijing Jingxi Heavy Industry is a tripartite joint venture established on March 3 this year for the acquisition of Delphi. Among them, Shougang Group holds 51% of shares, Beijing Fangshan State-owned Assets Management Co., Ltd. holds 25%, and Tianbao Group holds 24% of shares. Mr. Fang Jianyi, Chief Accountant of Shougang Group, and Mr. Zhou Tianbao, General Manager of Tianbao Group. “With the full restructuring of Tianxi Group’s domestic parts and components business assets by BWI, the shareholding of Tianbao Group in BWI will also increase to 39%, but Shougang will continue to be a controlling shareholder and continue to hold a 51% stake in the company. "The above informed sources disclosed. Integrated acquisition of assets “Jingxi Heavy Industry has completely reorganized the Tianbao Group, and the most important thing is to value its management team.†Insiders from Beijing West Heavy Industries revealed that at present, of the three shareholders of the company, only Tianbao Group owns the industrial background of auto parts and related international operating experience. It is reported that after the successful acquisition of Delphi's brake and suspension system business and related assets, BWI has sent a dozen working group to take over overseas management, most of whom are from Tianbao Group. According to the M&A agreement between BWI and Delphi, BWI acquired US$90 million in Delphi related machinery and equipment, intellectual property and real estate, including Delphi's brakes and suspension business at eight plants and five technology centers in the world. , 14 technical support and customer service centers, and in-hand orders of up to hundreds of millions of dollars per year. "We do not intend to move the acquired Delphi assets to China. According to the merger and acquisition agreement, we will fully take over the existing customers and orders, and continue to expand new markets at home and abroad." Insiders at BWI said that digestion and absorption Acquiring the key technologies of the business, maintaining the existing orders, and ensuring the smooth development of the business are the top priorities for Jingxi Heavy Industry, and these jobs require professionals to complete. According to the above sources, according to the merger and acquisition agreement, Delphi will still provide relevant technical support and brand use rights to Jingxi Heavy Industry as a transition in the next 1 to 2 years. However, Jingxi Heavy Industry does not intend to continue to use Delphi's brand, but will Replace it with "BWI" (Beijing West Industry). “We are also building our own brand while integrating our M&A business. At present, we have renewed contracts with almost all existing Delphi Brake and Suspension System customers. No one has made a refund of orders due to brand changes. Requirements, said the person. In addition, some of Delphi's business assets in this acquisition overlap with the current business of Tianbao Group. “BJ West does not want to see this kind of internal competition, so it is prepared to fully integrate Tianbao Group's domestic business and related assets. ." According to informed sources, under the impetus from the Beijing Municipal Government, Beijing Jingxi Heavy Industry has been planning its high-end industrial base in Fangshan Doudian. It will become the headquarters and an important manufacturing base for leading its domestic and overseas operations in the future. In addition to Fangshan, there are new investment projects in the surrounding areas including Beijing including Shunyi. "These investment projects require large amounts of funds as support. Currently, the work of capital increase of shareholders of Beijing West Heavy Industries is already underway. The major shareholder, Shougang, will mainly increase its capital in cash, and Tianbao Group will expand its shares with related businesses and assets." Informed sources said that the acquisition of Delphi is only a means to obtain core technology quickly, and it is not the purpose. Jingxi Heavy Industries still hopes to continue its overseas mergers and acquisitions as well as the integration of related businesses and ultimately achieve the goal of 10 billion yuan in output value. "After successfully acquiring some of Delphi's assets, Jingxi Heavy Industry is still continuing its other M&A negotiations. There have been new and substantial advances." Insiders from BWI said. However, the person did not disclose the specific details of the above project. Tianbao's turn For Shougang, the major shareholder of BWI, the introduction of Tianbao Group's strategic partner can make up for its lack of relevant industry experience. For Tianbao Group, this cooperation is also a major turning point in its development. At present, Tianbao Group's two major financing platforms, Beitai Ventures and ST Songliao's debts, are difficult to pick up. Despite having more than 20 years of technology accumulation, overseas marketing systems and rich experience in overseas market operations, due to lack of funds The development of Tianbao Group once fell into a bottleneck. In addition, as a private enterprise, if Tianbao Group insists on independent development, it will be difficult to obtain government funding and policy support like state-owned enterprises. “Cooperating with Shougang and the Beijing Fangshan District Government, Tianbao Group will no longer have to worry about capital issues. Moreover, using the Beijing West Heavy Industries platform, Tianbao Group can also fully leverage its technological advantages in the industry and obtain relevant government and policies. Support," said Tianbao Group insiders. It is reported that as early as the successful acquisition of Delphi, the Beijing Fangshan District Government has signed a "Letter of Intent for Investment" with the Tianbao Group to promote the Tianbao Group's move of its parts and components industry related businesses and assets to Fangshan District. Relevant data show that since the first batch production of Anhui Beitai Automobile Co., Ltd. in Anhui Province in 1997, it took only 7 years to become the top 100 auto parts company in China, and successfully entered Shanghai GM, Chrysler and Beijing Benz. Supporting system. In addition, Tianbao Group, which started in the United States in the 1980s, has also initially formed a globally integrated technology research and development system. It has established a central technology research and development center in the United States in both Detroit and Los Angeles. It can not only undertake the design of the entire vehicle and related chassis. As well as the design and development of the powertrain, it also has a number of vehicle platforms and a complete technology development database. “Tianbao Group has now begun to transfer international resources to China's mainland, and can carry out localized conversions, adaptive improvements, supporting system development, and production technical support for the models and key component assemblies designed by the US R&D center.†Tianbao Group A related person said. In fact, technological advantages and overseas experience are also reasons why the Beijing Municipal Government and Shougang selected the actual trader for Delphi as the Tianbao Group. According to informed sources, Beiqi was also interested in acquiring some of Delphi’s assets before, “But Beiqi still lacked all of its technical accumulation, and its development of the Hai NaiChuan parts industry base was not satisfactory, so it was only in Beijing this time. The unsuccessful M&A project was unsuccessful." In the future, the Beijing Municipal Government will continue to accelerate the pace of development of the Beijing automobile industry and formulate relevant and effective measures to promote the development of high-end auto parts, high-end automotive electronics, automotive design and development, special vehicle manufacturing and parts and other five major automotive industry parks. Construction. The Tianbao Group that has already taken on this "swim" will no doubt continue to benefit from it. Reusable Hydraulic Fittings are a type of hydraulic fitting that can be reused multiple times. These fittings are designed to connect hoses or tubes in hydraulic systems and are commonly used in applications where frequent disassembly and reassembly are required, such as in maintenance and repair operations.
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