China Drying Network News reported that several years of marching in the North American market, Zhong Ding shares have new mergers and acquisitions. The company today announced that its wholly-owned subsidiary, Zhongding United Holdings, has signed the “Equity Transfer Agreement†with the shareholders of American AUSHNET Corporation on October 15. Zhongding United Holdings intends to acquire 100% equity of American ACUSHNET with a total investment of 71.25 million. Dollars.
According to the data, ACUSHNET was founded in 1994 and is a professional manufacturer of rubber products with advanced technology and high production efficiency. As of June 30, ACUSHNET's net assets were a loss of 1.761 million U.S. dollars. From October 1, 2011 to June 30, 2012, it achieved revenue of 34.87 million U.S. dollars and a net profit of 2.13 million U.S. dollars.
For the motives of this acquisition, Zhongding believes that ACUSHNET has a leading position and important customer resources in the fields of aerospace, oil and gas rubber seals, and the acquisition of American ASUSHNET will quickly enhance the company’s aerospace, petroleum, and The technical capabilities and market position of natural gas will further enhance the company's internationalization level and will have a positive and far-reaching impact on the future development of the company.
In addition, the company stated that this investment must be approved by the National Development and Reform Commission, the commercial and foreign exchange management departments, and the relevant departments believe that this acquisition is in line with the country's “going out†industrial policy, but the final approval results are still uncertain.
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