Xingyu shares merger and acquisition of overseas bankruptcy restructuring company to improve the automotive electronics industry chain
On August 26, Xingyu Hong Kong signed a transfer agreement with the holders of Mag. Michael Wagner and Innovation-technology Co., Ltd. ("I&T"). The company invested 4.6 million euros from Xingyu Hong Kong to acquire the wholly-owned subsidiary of I&T. 70% equity of the company neue I&T Co., Ltd.
I&T is a limited liability company established under Austrian law, mainly engaged in electrical/electronic systems and interconnection technologies; FFC (Flexible Flat Cable), FFCe (Extruded Flexible Flat Cable), pre-assembled cable sleeves and 3D circuit boards Development, production and sales.
Due to deviations in business strategy and large initial investment, I&T has experienced difficulties in its operations and has filed for bankruptcy protection. In June 2014, I&T passed a restructuring plan: the establishment of neue I&T as a 100% subsidiary of I&T; I&T will All assets and businesses (excluding real estate), all technologies (including one key patent) and employees (except for real estate employees) are transferred to Neue I&T; the acquirer purchases 70% of Neue I&T's equity and pays the consideration for I&T's claims 30% of the total. According to the restructuring plan, I&T needs to seek the acquirer to perform the restructuring.
Xingyu shares said that nee I&T is the global leader in FFC cable technology for the automotive market and other industries. Through this acquisition, the company has perfected the existing domestic automotive electronics, especially the LED industry chain. The acquisition is also the company's recent years. Focus on the development of important international initiatives for automotive electronics.
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