On March 10, the reporter called Dong Jianping, deputy secretary-general of the China Association of Automobile Manufacturers, and was informed that he was working with the working group of the Ministry of Commerce to investigate investment opportunities in the spare parts industry in Germany.
Bei Yinan, the general manager of the parts and components industry platform built by Beiqi Holdings, said that the company has contacted a number of related companies and is actively and cautiously demonstrating overseas acquisitions.
As overseas spare parts companies have been in trouble, China's parts companies have become more eager to “bottom the bargain,†and some companies have already begun the actual actions of overseas acquisitions. However, compared with the volume of international component giants, the current acquisitions are all on a small scale. Weichai’s acquisition of Baudouin will cost 2.99 million euros, and Shuguang’s acquisition of Dana will cost US$7 million.
Meet the overseas spare parts company "big sale"
Although Tianbao Group's Beitai Group’s business was “provisional liquidation†due to huge foreign exchange losses, the expansion of Tianbao Group’s intentions has not been frustrated. According to reports, the company’s acquisition of international auto parts giant Delphi’s project has made substantial progress. Both parties have even It is also possible to negotiate on overall mergers and acquisitions.
In the “Guidelines for the Foreign Economic Cooperation of the Province in 2009,†the 2008 review mentioned that the Dandong Shuguang Automotive Group increased its investment through the Shuguang (USA) Technology Center, invested US$7 million, and acquired the American Dana Corporation for the Dandong Shuguang Automotive. The Group has established an important vehicle R&D and customer service platform in the United States.
The global parts industry is experiencing a dark period. It is reported that Germany has closed more than 20 auto parts manufacturers in the past three months. Continental, Germany's largest auto parts maker, released a worse-than-expected net loss in February 2009. In 2008, the company had a loss of 1.22 billion euros and liabilities of up to 10 billion euros. Karl-Thomas Neumann, chairman of its board of directors, said that major restructuring plans will be introduced this year.
In February, the US auto parts industry organization requested the Ministry of Finance to support 18.5 billion as an industry recovery fund.
American Visteon Corp just paid a bond interest of 16 million U.S. dollars on March 10. The company also said that in order to increase cash flow, it is considering selling or eliminating some business operations.
Just small-sized, targeted acquisitions
Zhong Shi, a senior analyst in the automotive industry, said: “Foreign component giants need to 'slim down' and throw out some non-core businesses. Therefore, the term “mergers and acquisitions†is not very accurate, and companies purchase certain items according to their own business development needs. Product lines, factories, etc. are more accurate, and acquired businesses are generally related to the main business."
Luo Jinling, editor-in-chief of "Automotive and Fittings", introduced that foreign large-scale parts companies have frequently stripped off non-core or non-future development priorities. In addition, some foreign small-parts companies with technology, brand, and customer channels are now in need of sales, and prices are more appropriate, which is a good opportunity for Chinese companies.
The acquisition of the domestic parts giant Wanxiang Group in 2007 was a targeted move. Neapco, the group's North American subsidiary, acquires the Monroe plant of ACH, part of Ford's parts and components company. Its products include drive shafts, axle shafts, catalytic converters and other drive products. The driveshaft is one of the 8 major businesses of Wanxiang Group.
On January 23, 2009, Weichai obtained the relevant assets of the French Baudouin company through its subsidiary company for 2.99 million euros. The company mainly produces 16 liters of high-powered diesel engines, forming a connection with Weichai's 12-liter diesel engine.
In 2007, Wanxiang Group invested US$25 million to complete the acquisition of American AI Corporation and Wanxiang obtained all the company’s preferred shares. This acquisition has become a rare "big single" for Chinese parts overseas acquisitions. Most of the acquisitions that have taken place now are tens of millions of yuan.
Parts companies are hard to overtake in the short term
According to Liu Yinan, general manager of Heinerchuan, the acquisition is generally divided into buying a company, buying an asset, and buying part of a business. In the situation where domestic enterprises are generally weak and their technology and management level are relatively low, the follow-up business problem of the overall acquisition is even more important. "The ability of others is strong, and it is still difficult to manage. Can we solve these problems after our acquisition?"
The overall strength of China's spare parts companies is obviously difficult to "swallow" foreign parts giants once. Data shows that from January to October 2008, the total output value of the auto parts industry was 783 billion yuan, 39.4% of which were held in the hands of 1,000 foreign holding companies, and the average individual company’s output value was 310 million yuan. The average output value of more than 10,000 private parts and components companies is only 30 million yuan.
Comparing domestic and foreign parts “the largestâ€, in 2005, Delphi’s total assets were US$16.593 billion and Wanxiang Group’s total assets in 2007 were approximately RMB 26.06 billion.
Not only the scale, but also the domestic independent brand parts and components companies lack high-end brands and products. Taking the core electronic control device as an example, Luo Jinling introduced that almost 100% of the vehicle's electronic control devices are occupied by foreign brands, and that due to the high R&D expenses, long cycle time, and high test environment requirements of the electronic control devices, the actual amount The cost of production is very low. It is very difficult for domestic independent brand companies to develop and produce their own products. Even if a company uses a lot of funds to do it, it will be difficult for the entire vehicle manufacturer to choose because of the brand restrictions.
Therefore, he believes that the scale of domestic self-owned branded parts and components enterprises cannot catch up with the world's giants within three to five years.
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