Made in China and made in Germany 1

2022-07-27
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On September 19, the delivery ceremony for the acquisition of the rubber and plastic business of Borgo company under the German ZF group by era new materials under CSR group was held in Dammer, lowersaxony, Germany. BOGO company held the unveiling and flag raising ceremony of the new company

in the factory workshop, the rumble of machines continued, and the workers worked step by step on the assembly line. Apart from the flag of CSR group, it can not be seen that much has changed here. Liuhualong, President of CSR group, said that CSR group promised that the management team and headquarters location, operation mechanism and employee welfare of BOGO company would remain unchanged. CSR group will further expand the content and scope of support for BOGO on the basis of the original support of ZF group, support BOGO's development strategy and do not take the initiative to lay off employees

the acquisition of a German enterprise by a Chinese company raised some doubts locally. It can be seen from the question session of the press conference that the local media are particularly concerned about the future development, additional investment, local employment and other issues after the acquisition. Tostenbremer, CEO of Bogot, said at the meeting that more than 99% of Bogot's employees have a positive attitude towards the acquisition

however, there is a story behind the fact that German employees almost unanimously approve of the acquisition. Bremer said that the initial employees were also nervous about the acquisition from China. "Although our factory has only 1800 employees, the employees have collected 40000 signatures against mergers and acquisitions, including other employees of ZF group. These people are worried about the sale of large business segments by ZF group." Bremer did feel the pressure

in the contact with CSR group and times new material, the management of BOGO company paid close attention to whether the Chinese commitment could be fulfilled and whether the investment intention could be long-term. At the same time, Bremer himself also personally visited the leadership of many German companies acquired by Chinese companies to learn about the implementation of Chinese companies' promises. "They all gave very positive and convincing answers. Chinese investors are trustworthy." Bremer was encouraged

the management of BOGO finally chose to give up staying in ZF group, stay in BOGO, join CSR group and continue to expand the operating area. Then they persuaded the middle managers, who in turn transferred their trust in Chinese companies to the grass-roots level. "The employees' mood has changed greatly, from worry to hope. Now they are full of expectations for the future."

the main business of Shidai new material is to supply vibration and noise reduction products and polymer composites in the rail transit industry and other industrial fields. BOGO company is the third largest supplier of vibration and lightweight parts for automotive graphene reduction in the world, with a senior management team and experienced employees

time new material purchased rubber and plastics under ZF group of Germany for 290million euros. As China's extruder products are closely connected with strategic new industries, this is the largest acquisition case of China in the European auto parts industry so far. After the acquisition is completed, time new material will own all the assets of Bogot in Germany, the United States, France, China and other relevant bases. The ranking of Shidai new material in the world's non tire rubber industry will rise from the current 30th to about 15th

liuhualong said that CSR group is optimistic about BOGO because it can be organically integrated with the development of CSR group and times new materials. Acquisition can complement each other's advantages in technology, management and resources, so that both sides can achieve win-win results

Bremer said that the market layout of the enterprises of both sides is complementary. CSR group has a good market network while making the nano composite laminate containing graphene have excellent conductive function. BOGO has a good cooperative relationship with European automobile companies, but they do not have a pure Chinese customer at present. Through the acquisition, both parties can share market advantages and benefit from exchange in material R & D and professional technical knowledge

it is understood that Chinese enterprises carried out nearly 30 mergers and acquisitions in Germany last year, continuing the upsurge of Chinese enterprises' Mergers and acquisitions of German high-end manufacturing industry after 2010. Li Xiaosi, Chinese Minister to Germany, said that Germany is a key country for China to invest abroad. Although China's investment in Germany is still small compared with Germany's investment in China, it has developed rapidly. Chinese enterprises hope to introduce German advanced technology and management experience in this way, improve the competitiveness of both sides and achieve mutual benefit and win-win results

Wang Wei, an expert of KPMG, said that the overseas M & A of Chinese enterprises was a stage from 2000 to 2009. At this stage, Chinese enterprises lacked experience and strength in M & A, and the main consideration in M & A was price. At that time, some Chinese enterprises were burdened with heavy burdens after they bought German enterprises that were not doing well. Some enterprises were even dragged down. After 2010, this situation is very rare. Chinese enterprises have gained strength and experience. In recent years, most of the enterprise qualifications purchased by Chinese enterprises have been relatively good, including several bankrupt enterprises that have successfully turned losses into profits. Many enterprises have improved their core competitiveness through mergers and acquisitions

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