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Xuzhou Construction Machinery Technology Co., Ltd. plans to acquire a 60% stake in Nanjing Chunlan Automobile Manufacturing Co., Ltd. (hereinafter referred to as Chunlan Automobile) for 170 million yuan.
Xugong Technology announced on the evening of September 4 that as of June 30, 2008, the book value of Chunlan Automobile was 53.67 million yuan and the assessment value was 172.53 million yuan.
Xugong Technology stated that the price of this transaction was RMB 170 million without any mortgage, guarantee or non-disclosure legal proceedings in Chunlan Automobile.
The business scope of Chunlan Automotive includes the design, production and sale of automobiles (excluding cars), auto parts, and vehicle maintenance. The registered capital is 450 million yuan. Jiangsu Chunlan Automatic Vehicle Co., Ltd. holds 60% of the shares. Nanjing Dongchi Automobile Industry Group Holding 40% of shares. Chunlan Automotive currently owns five series of medium-heavy trucks, each of which contains virtually all vehicles and chassis such as vans, warehouses, trucks, dumpers, and tractions.
XCMG believes that heavy-duty vehicles and construction machinery are in similar product areas. Having heavy-duty vehicles can make the company's products tend to be integrated, which will help further promote the sales of the company's construction machinery products. At the same time, the company can enter into the field of heavy-duty vehicles and can better play the company. In the construction machinery industry, the advantages of products, support and marketing channels have been formed to achieve synergy effects, form the advantages of industrial clusters, drive the production of Xugong Technology's other related construction machinery products, form the production base of large-scale engineering machinery core components, and enhance the company’s engineering activities. Machinery industry's competitive advantage.
At the same time, XCMG promised that the changed company will no longer use any combination of “Chunlan†and “ChunLan†or “Chunlan†and “ChunLanâ€.