TRUMPF – Jinfangyuan merger puzzle



TRUMPF – Jinfangyuan merger puzzle

Recently, the TRUMPF Group in Germany (hereinafter referred to as Trumpf) to acquisitions the Jiangsu Jinfangyuan CNC Machine Tool Co., Ltd. (hereinafter referred to as the Jinfangyuan) case, and sometimes forging machine tool industry in China transferred storm.
Why Jinfangyuan
“Our bosses will not sell, because our boss has a successor.” In the CNC Machine Tool Show in April Nanjing, China Industry News reporter encountered a Yangli Group Co., Ltd. (hereinafter referred to the staff of the Young force). The Young
force and Jinfangyuan forging machine tool manufacturing counterparts, but in the same city – Yangzhou City, Jiangsu Province. According to local media reports in Yangzhou City, the predecessor of the Jinfangyuan Yangzhou Metalforming Machine Tool Co., Ltd., 1997, the restructuring of the establishment Jinfangyuan. Currently, the two companies is not only the two teams of China Forging machine tool industry, Yangzhou Forging industrial clusters, and among the top five in the industry. The employees say of
Yang Li, a radius of gold has been partially confirmed. Employees Jinfangyuan who requested anonymity told the China Industry News Reporter: “Our boss is 70 years old, want to shift, but no son. His son is doing real estate business than his money, where to see We do machining “small” business? “
data show that the Jinfangyuan Mi Chung, chairman of industry Born in 1946, the 66-year-old. 1983 has served as the director of the forging plant in Yangzhou, Jiangsu Jinfangyuan CNC Machine Tool Co., Ltd. founded in 1997. CNC presses the field has been monopolized by Germany, Japan and other enterprises, mid-radius of gold have been able to achieve part of import substitution. Yuan Jie, deputy general manager of the
Jiangsu Yawei Machine Tool Co., Ltd. sales company, gold radius of the forging equipment is doing better, and established marketing network. TRUMPF with them, estimated to be spotted their sales channels. At the same time, Yuan Jie, also revealed that fast before the determine and Jinfangyuan cooperation, but also negotiating with several large enterprises in the industry, and find their company, but their boss does not agree. At that time Yahweh is preparing for listing matters, listed companies are not allowed to have such a cooperative behavior.
Cooperation Mode
the sheet metal processing field as a world leader, Trumpf the acquisition of inputs to be called generous. The employees, according to Jinfangyuan
TRUMPF gold radius of the shareholders of the purchase price of the stock at par value of 20 times. In so doing, the fast the investment in M ​​& A is at least 20 billion.
Information TRUMPF founded in 1923, main business scope is divided into four parts of machine tools, laser technology, electronics and medical equipment. In the fiscal year ending June 30, 2011, its sales reached 2.024 billion euros year-on-year growth rate of 51%. Beginning in 2000, through fast in China, direct investment,casting lost wax. has invested in four manufacturing enterprises in Taicang, Jiangsu and Guangdong Dongguan, the production of CNC sheet metal processing machine tools and medical equipment. TRUMPF (China) Co., Ltd. is one of the more than fifty subsidiary of the TRUMPF Group under the investment in China in the past decade more than 20 million euros. In order to achieve the rapid development of TRUMPF machine tools in China, TRUMPF has also invested more than 25 million euros to build a modern new plant with an area of ​​over 40,000 square meters, one of the new plant was in August 2009 formally put into use, the ongoing two construction phase of the project.
Price of course very attractive to the shareholder. Mi is the total of the feelings of Jinfangyuan is no doubt due to age and other reasons, Mi total at this time to consider this issue is a last resort. We understand that fast this given stock par value of the company beneficial for Mi individuals and the companys management, mergers and acquisitions can bring revenue maximization, so this is a realistic choice “an industry source said. Jinfangyuan The staff also revealed that, “Whether shareholders, minority shareholders, regardless of the wishes of the shares held by all you want to sell. In this dual role, through rapid mergers and acquisitions is progressing well. It is understood that the TRUMPF purchased Jinfangyuan plant has acquired most of the stock. Original radius of the employee retention capacity as employees of the enterprise office. “Doing the doing, in what position in what position, everything has not changed, but no longer holding companys stock.” The employee says.
TRUMPF merger will take what kind of cooperation mode, the industry has a variety of different versions of speculation. Yuan Jie said, Taicang in Jiangsu Province, through fast to build factories, but only some small amount of processing. Estimated Trumpf the ultimate goal of trying to processing aspects of localization, some of the production for the transfer to China. Enterprises
an industry sales manager, said the TRUMPF is very similar to gold radius of the mergers and acquisitions and the establishment of Taicang plant, mode of operation through the acquisition of local enterprises to set up production bases, but this scale than the Taicang plant. The who
industry analysis, said TRUMPF there are two possibilities of cooperation with the Jinfangyuan. One is the two sides still operating in the original brand positioning according to the different grade of products, each doing their own. Another possibility is that the TRUMPF-led and gradually reduce or even completely abandon Jinfangyuan brand, Jinfangyuan through fast assembly or processing plants. Future direction will depend on the TRUMPF China market philosophy, as well as product development, market conditions, factors. Impact of the
industry the geometry
“TRUMPF merger has no effect, for them both, but is looking for a partner”. Enterprises in an industry sales manager, said. The
“the mode of cooperation should be on the radius of the assembly of imported parts. TRUMPF technology to teach or transfer to Jinfangyuan, which is absolute.” Between the words of the manager, full of positive tone .
From a sales point of view of the 2011 domestic several large forging machine tool enterprises, Jinan Machine Tool, Yang power in the grade of 3 billion yuan, ranked third, with annual sales of 1.2 billion yuan Yang forging widen the gap Jinfangyuan followed by $ 0.8 billion. Later on, respectively, Tianjin forging, Yahweh, Hefei Forging. In this regard, industry experts said that the radius of the production value of gold is not very forward, but its good product quality, higher technical level, still belongs to the first echelon in the domestic forging industry. Industry
said, if Jinfangyuan mergers and acquisitions, to “five-second end of its output value may exceed 1.5 billion yuan. He also believes that the past few years the domestic forging industry is developing very fast development in accordance with the current rate down to 12 late, forging enterprises in the top ten annual output value may be more than 1.5 billion yuan. Another ten years, you are likely to achieve annual output value reached 20 billion yuan.
On the CNC machine tool exhibition in Nanjing, several forging machine tool companies stand even became one. Zhuge Kan past, punching machine, laser cutting machines and other products will find that several companies are all very similar in appearance. Yuan Jie, deputy general manager of Jiangsu Yawei Machine Tool Co., Ltd. sales company, told reporters that the domestic forging machines are counterfeit TRUMPF shape, technology is a gambling house long. Yahwehs a lot of technology from abroad, had earlier purchased the drawings of some foreign companies, at the same time Yahweh through the joint venture to upgrade its technology. Yahweh four joint venture cooperation with enterprises in Switzerland, Japan, Italy, bending machines, laser cutting machines and other products. Expected to achieve sales this year, the amount of 1.4 billion yuan, an increase of 30%.
From imitation, to compete, to achieve import substitution, domestic forging machine tool enterprises through to absorb the technology, integration, is expanding the arena of foreign enterprises competing against. It is understood that Germany TRUMPF, Japan, and Amada in the high-end market share of almost 100%, but the past two years as domestic users of the national brand of quality,blow molds. trust, brand awareness, improve some of the countrys products began to enter the field of high-end equipment. Yuan Jie said, now Yahwehs products are widely used in automotive, appliance, construction machinery and other fields, 70% -80% of Yahweh provided in the sheet metal equipment purchased last year by a heavy machine. Force an engineer of
Yang also told reporters that the domestic forging equipment has been done close to and imports high-end machine in the shape, structure, although the processing details are different, but also get a lot of domestic users sure. Do international collaborative enterprise of Guangdong area more forging equipment they import more. Jiangsu and Zhejiang Provinces, the user has accepted the domestic forging equipment.
The one hand, the domestic enterprises to enter the high-end market, on the other hand, foreign enterprises to seek the localization of high-end products. Industry, said this acquisition, the biggest winner should pass quickly. Their cooperation with the Jinfangyuan can retreat into. Jinfangyuan assembly processing, or in accordance with the classification of production of the product quality and sales, pass quickly in the Chinese market share is bound to improve. In addition, there is a domestic enterprise can not be replaced in the short-term advantage is that foreign enterprises have some of the key parts of the production technology. Forging Machine CNC system configuration, 90 percent is imported from Japans Fanuc, also includes laser hair vibration. Nanjing CNC Machine Tool Show, the reporter saw on the number of domestic laser cutting machine Fanuc 31i CNC system, technical engineer, told reporters this product recently lifting the ban imports. Before the system used in military field, not the national sales outside of Japan.
Departure from the industry point of view, the the TRUMPF merger will undoubtedly intensify competition in the domestic market, if this as Jinfangyuan, well-known brands disappeared in the post-merger, is bound to have a loss of national brands. It is understood that the merger did not get the final approval of the Yangzhou municipal government. It is said that the Ministry of Commerce expressed concern. If in accordance with the provisions of the national well-known brands are not allowed to foreign mergers and acquisitions, The TRUMPF mergers will be more complicated and confusing.


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