The Beijing municipal government has contributed to the biggest case of Chinese auto parts companies participating in international mergers and acquisitions since the financial crisis.
On March 30th, Beijing Jingxi Heavy Industry Co., Ltd. (Jingxi Heavy Industry Co., Ltd.) signed an agreement with Delphi Corporation, the largest US parts and components company, in Detroit to acquire the global R&D and production system for automotive suspensions and brakes.
The acquisition plan will cost US$100 million. The acquired Delphi business has approximately 3,000 employees in 14 countries including Poland, India, Mexico, the United Kingdom, the United States, France, and China. The business scope covers dozens of countries. . Delphi Corporation is one of the world's largest automotive parts suppliers. With sales of approximately US$19.8 billion in 2008, Delphi ranks among the top five global component companies.
On the evening of March 31, local time, Delphi has issued a statement announcing the signing of a subscription agreement with BWI. The agreement is still awaiting the final review of the court in Southern New York, USA.
If the review is passed, Fangshan District, which is only 45 kilometers away from Tiananmen Square, will become the new home for Delphi's suspension and brake systems. The state of “hollowing out†of the auto parts industry in Beijing may thus be changed to a certain extent, and will directly participate in the international division of labor. At the same time, there are dozens of global high-end customers such as Mercedes-Benz, BMW, and Porsche.
Acquisition of Delphi Technologies and Markets
The Chinese company's acquisition of Delphi Assets did not put on the “snapping elephant†that Chinese audiences are familiar with. Instead, it selected two Delphi units for acquisition. Its global braking and suspension systems business also fell into Delphi’s spin-off non-core business.
Delphi originally belonged to General Motors and was independent in 1999. Delphi filed for bankruptcy protection in October 2005 due to serious losses. Delphi is still operating independently under the supervision of the courts of the Southern District of New York in the United States. After obtaining the consent of the court, the acquisition agreements of Jingxi Heavy Industries and Delphi can take effect. According to informed sources, the court will hold a hearing in April and May to consider the acquisition and it is expected that the transaction will be completed in the fourth quarter of 2009. The person familiar with the matter said that "the successful signing of the acquisition agreement is a reflection of the government's confidence and determination to develop the real economy and promote growth."
Jingxi Heavy Industry is a joint venture between two state-funded background enterprises and a private enterprise. Shougang Corporation, Beijing Fangshan State-owned Assets Management Co., Ltd. and Baoan Investment Development Co., Ltd. hold 51%, 25% and 24% of the shares, respectively. Baoan Investment Development Co., Ltd. belongs to Tianbao Group. The three shareholders jointly invested 800 million yuan to establish BWI, which is about the same as the purchase price of about 100 million US dollars.
According to the sources mentioned above, the time of delivery was selected in the fourth quarter of this year because Delphi’s connection with BWI needs a transitional period, which includes production, technology, management, finance, and IT systems. Fourteen countries will be handed over one by one. It is expected that all work will be completed in the fourth quarter.
“Originally, Delphi’s core management team has established a very good cooperation, because considering the factors in terms of culture, language, and management experience, Jingxi Heavy Industry needs a professional international management team, but will re-evaluate and hire, and then To expand the international operations team."
The failure of SAIC's acquisition of South Korea's Ssangyong still lingers. Whether Westing-Hey's acquisition of Delphi Assets has been dragged into union turmoil or encountered other resistance. Informed sources said that unlike SAIC's acquisition of Ssangyong’s partial equity, BWI acquired the entire assets of Delphi’s two divisions, the most important being the acquisition of its technology, intellectual property, patents, and its market and mature orders. This includes R&D equipment, technical drawings, etc.
“Our main focus is on technical R&D resources and markets, and then assets. The two sides agreed in great detail. BJHI has autonomy over the acquired assets.â€
Copy route from Detroit to Beijing
Although Jingxi Heavy Industries was just established in March this year, the acquisition of Delphi Assets has been carried out for more than two years. A large amount of previous work was carried out by Tianbao Group, an indirect shareholder of BWI. These include the hiring of lawyers, accountants, appraisers, human resources consultants, and investment banking agencies for up to two years of due diligence and negotiation. .
According to sources, the Beijing government and Shougang chose to cooperate with Tianbao Group, focusing mainly on its internationalized operations team, as well as its integrated operational capabilities and years of accumulation in the components industry.
After a large amount of pre-due due diligence, the Tianbao Group did not purchase Delphi Assets on its own, but chose to cooperate with Shougang and Fangshan State-owned Asset Management Co., Ltd. Informed sources said that this is mainly to actively respond to the government’s development plan to promote the development of the auto parts industry. Through resource integration and technology upgrading, Beijing’s competitive auto parts industry will be built, and the Beijing auto industry’s domestic competition level and international The right to speak also further demonstrated Beijing's good investment environment, supporting infrastructure and unremitting efforts of the government to guide the sustained and healthy development of the economy.
“This is a typical government setup and the acquisition of corporate operas. The government hopes to develop the local economy, fill the gap in the automotive industry in Beijing, develop the auto parts industry, and provide support and guidance in policies. The specific operations are It's still done by the company."
At present, the vehicle companies in the Beijing region mainly include Beijing Benz, Beijing Hyundai and Beiqi Foton. The parts and components of the first two joint ventures are mainly supplied by foreign parties, and the core facilities of Beiqi Foton are not in Beijing. This seems to be where the "hollowing out" of the Beijing auto industry lies.
It is understood that after the acquisition, Jingxi Heavy Industry will build a high-end auto parts industrial base in Fangshan District, and use Delphi’s advanced technologies, mature products, and R&D resources to rely on, and absorb and digest quickly, and copy advanced technologies to China. And quickly develop the domestic market. The related Delphi-signed orders will also be inherited by Beijing West Heavy Industries, which will allow Beijing auto parts and components of the Tianbao Group to directly enter the high-end market of the international auto industry and participate in the wider international division of labor and market competition.
"The adoption of international mergers and acquisitions can improve the technological level and broaden the product range, and bring about significant improvement and progress in international operating capabilities. However, whether or not it can provide more support for vehicle companies in the Beijing region is mainly a market-based operation." Informed sources said, "But the acquisition will certainly bring substantial contribution to the development of the Beijing auto industry, and will greatly improve the matching rate for enterprises in the Beijing region." And these are the Delphi advanced technology transplants that the acquirer strongly described. Blueprint.
The Plasticizer DINP is di isononyl phthalate (DINP), which is formed by esterification of phthalic anhydride and isononyl alcohol. DINP is a general plasticizer. One of the main raw materials of DINP, isononanol (INA)
Compared with DOP, DINP has a larger molecular weight and a longer carbon chain. Therefore, it has better aging performance, anti migration performance, anti extraction performance and higher high temperature resistance. Correspondingly, under the same conditions, the plasticizing effect of DINP was slightly worse than that of DOP. It is generally believed that DINP is more environmentally friendly than DOP.
DINP, as a main plasticizer, is widely used in various soft PVC products. Such as wire and cable, film, PVC leather, PVC floor leather, toys, shoes, edge banding, sheath, wig, tablecloth, etc. DINP also has a small number of applications in some rubber products and coatings.
DINP is an oily liquid under normal conditions and is insoluble in water. Generally, it is transported by tank trucks, and small batches are transported by iron drums or special plastic drums.
Advantages of DINP plasticizers:
1. Stronger anti-aging ability, can prolong product life2. Plastics are easier to coat, spray and dip
3. Higher durability, more resistant to outdoor low temperature
4. Compatible with auxiliary plasticizers, thus further reducing costs
5. Low volatility, which helps to reduce volatile in the process and improve working conditions
6. Lower density, lower energy consumption and higher extrusion output than DOP
DINP Plasticizer, DINP Oil, DINP for PVC Additives, PVC Additives DINP,Plasticizer DINP
Henan Chuange Industry CO.,LTD , https://www.cgpvcresin.com