Compared with the thunder of overseas vehicle M&As, the overseas acquisition of auto parts is not uncommon. Geely acquired Australian transmission company DSI, Jingxi Heavy Industries acquired Delphi of the United States, Wanxiang Group acquired US DS car steering shaft business. In the case of little-known people, they finished cleanly and neatly.
When Geely became the preferred bidder for Volvo, the Beijing Jingxi Heavy Industry Co., Ltd. contracted for Delphi's vibration damping and braking business on the 2nd of this month. Unlike Geely’s well-known bid for Volvo, this one of the largest overseas auto parts acquisitions to date has been little known outside the industry. This is not an example in the parts and components industry. It can be said that overseas acquisitions of auto parts and components are the type of “muffled and fortune†compared to the promotion of vehicle acquisition.
The sound is not loud but clean
According to the acquisition plan announced by Jingxi Heavy Industry in April, the acquisition target will include Delphi's customers and product supply contracts in addition to machinery and equipment and intellectual property. In other words, BWI buys not only Delphi's component production and processing bases and technology centers, but BWI also buys Delphi's qualifications to supply BMW, Audi and other international companies. The most immediate change that this acquisition brings to BWI is that it will build a world-class automotive parts processing and manufacturing base in the Fangshan area using the acquired technology and talents. In an interview with the media, Fang Jianyi, chairman of BWI, talked about the three benefits that this acquisition brings to BWI: “First of all, the acquisition of a customer base that will enable Jingxi Heavy to enter Delphi quickly, including Mercedes-Benz. , BMW, General Motors and other well-known automobile manufacturers; Second, BWI can rely on Delphi's world-leading technology and production experience in braking and suspension systems; Third, through the merger of global companies, establish credibility in the international automotive industry ."
The same small but very fast parts acquisitions, as well as the Geely acquisition of Australian transmission company DSI earlier this year. DSI is one of the only two automatic transmission companies in the world independent of auto vehicle companies, with an annual production capacity of 180,000 units. "When the media around the world debated Geely's acquisition of Volvo rumors, I quickly locked and acquired DSI within a month." Li Shufu was very satisfied with the media's mention of the acquisition of DSI. He never denied that the acquisition of DSI is important. The other's technology, "We first saw the DSI advanced automatic transmission technology!". This acquisition made Geely quickly become the most powerful enterprise and exporter in its own brand. According to media reports, Geely’s 300,000 automatic gearbox projects have been officially signed in Tongliang and will be completed in 2010. In 2011, domestic auto companies will be able to use Geely automatic transmissions. The Wanxiang Group, the largest domestic parts supplier that has completed overseas acquisitions, has successfully acquired all of the effective assets of the US DS car steering axle business this year. The latter’s main business was to supply the three major automotive companies in the United States.
M&A is more affordable
Regarding overseas mergers and acquisitions by auto companies, the reporter had interviewed Jia Xinguang, a senior automotive commentator. Jia Xinguang “unexpectedly†talked to reporters about the status of China’s parts and components. “Much more attention should be paid to mergers and acquisitions of parts and components than vehicle acquisitions. Our automotive industry has always had a tendency to restructure vehicles and light fittings. As a result, China’s auto parts industry enterprises are generally small-scale, lagging behind in technology, low-level repeated production, and slower product replacement. Even if foreign automakers engage in local production, It is no more than the introduction of more wholly foreign-owned parts and components companies, and has not driven the original parts and components companies.†After the Geely acquisition of the Volvo event, the reporter once again mentioned this issue when he interviewed Jia Xinguang again. It is considered that Geely’s acquisition of DSI is more affordable and more meaningful than the acquisition of Volvo. This can be used to improve the core component system and improve the competitiveness of its own companies.
It is precisely because of the “ignorance†of parts and components in the past that the planning for the revitalization of the automobile industry announced at the beginning of this year indicated that it will “autonomize on key parts and components technologiesâ€. The pressure caused by foreign financial companies’ financial turmoil has extended to upstream component companies, and has given auto parts companies an opportunity to implement national policy requirements. According to a survey of global parts suppliers published by Kearney Management Consulting, more than 85% of secondary suppliers believe that some of their Tier 1 suppliers will not be able to support the next 12 months. On the whole, almost 85% of U.S. suppliers and 70% of European suppliers think that some of their OEM customers will also fail in the next 12 months. Automotive suppliers are thus faced with an unprecedented crisis, and this is just an opportunity for Chinese parts and components companies.
Jingxi Heavy Industry's clean acquisition of part of Delphi's business and Geely's rapid acquisition of DSI all indicate that China's auto parts industry has made great efforts and has made no small progress. We hope to see more of this progress in the future, which will in turn create a component production capacity that matches the largest global market in the automotive giant.
Reporters speak overseas mergers and acquisitions companies need refining
The overseas mergers and acquisitions by Chinese car companies reminded me of a not-so-acceptable business -- antiques.
In antique business, it is often rumors that "Looks leaked", but more "hit eyes" experience was swallowed by the parties. In the automotive industry, not only will it be known to you, but you can quickly become widely circulated.
Overseas acquisitions are a bit similar to the antiques industry, which is testing the eyesight. In the antique world, if you want to "leak" you need to have extraordinary eyesight and be able to know what you can't know; while in overseas acquisitions, you need eyesight more, and you don't need one's eyesight to understand the acquisition. The company's development direction and whether it has the ability to continue operations, but also need to have a pair of "inside vision" strength of the "eye" to see whether the merger and acquisition of the company meet their own development needs, whether they have the strength to eat the company, And it can be well developed and ultimately profitable. After all, profit is the ultimate driving force of commercial M&A. And this eye of the law is so important that there are no shortages of companies in the automotive industry that have spent a lot of money on the acquisition of the company, but after a few years of torturous play, they are once again spending money on “giving upâ€. And between this one-on-one delivery, the company’s own strength is also consumed.
All the lessons learned tell us that overseas mergers and acquisitions, Chinese companies need to develop a pair of eyes that can identify things and look inside.
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