Hangzhou Machine Tool Acquire Abaz&b

Resource from: cbcc-yinx Likes:3063

Jun 22,2006

June 21, Hangzhou Machine Tool Group Co.,Ltd(HMTG) announced on their website that they have signed an equity purchase agreement with German Abaz&b Grinding Machine Co.,Ltd(Abaz&b). After signing this agreement, HMTG will pay Euro6 million to have 60 percent of Abaz&b's controling share. Mr. Klaus Hornitschck's, former president of Abaz&b, presidency will not be affacted. Founded in 1898, Abaz&b is one of the 4 largest grinding machine manufacturer in Europe. Hangzhou Machine Tool Group Co.,Ltd is the Top 10 enterprise in Chinese machine tool industry. According to the HMTG, they will setup R&D center in Germany to coordinate with their China-based institute. For the Germany party, they hope that their products could enjoy increasing popularity in China, even Asian market through this strategic collaboration with HMTG. Additionally, both party have showed interest in forming a joint venture in China. It is reported that the prospective joint venture will target middle end market.

(cbcc-yinx)

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