Shandong Weichai Power Co., Ltd., a subsidiary of Shandong Heavy Industry Group, signed a strategic cooperation agreement with the German KION Group in Jinan on September 3. The KION Group will spin off the assets, personnel and contracts of Linde Hydraulics and establish an independent legal entity, Linde Hydraulics. For the company, Weichai Power acquired a 70% controlling stake in the new company and a 25% minority stake in the KION group for 738 million euros. This acquisition was another major acquisition after Weichai Power successfully acquired French Baudolean in January 2009 and Wealze Group acquired Italian Ferretti Group in January 2012, and is by far the largest merger and acquisition of Chinese company in Germany. Case. The German KION Group is the world's No. 1 and No. 2 industrial forklift manufacturer in the world, with a global market share of 15%. It has 12 forklift plants around the world and a sales and service network in more than 100 countries. In 2011, the KION Group had 1.21 million global forklifts and achieved operating income of 4.368 billion euros. Linde Hydraulics, a subsidiary of the KION Group, is a leading manufacturer of heavy-duty hydraulic drive, transmission technology and mobile power transmission equipment. With its own core R&D team, it is the world's first hydraulic manufacturer to raise the rated working pressure to 500 BAR. The world leader in high pressure, hydrostatic technology and system solutions with more than 400 patented technologies. Founded in 2009, Shandong Heavy Industry Group has established five business segments including powertrain, construction machinery, core components, commercial vehicles and yacht manufacturing. Among these five systems, the powertrain system and the new energy power system have achieved remarkable results. The propulsion system and transmission system of the ship are developing forces. The hydraulic control system lags behind and the core component technology is missing. The hydraulic control system is the core key technology for the Group’s future key development, and it is also the most prominent bottleneck restricting the development of China’s equipment manufacturing industry. After the international financial crisis, the KION Group, due to its high level of debt and financial burden, was unable to meet the requirements of public listing and was in urgent need of capital structure restructuring and seeking strategic partners. This created an opportunity for Shandong Heavy Industry to implement M&A. The key to solving the lack of the core technology of the hydraulic control system and the single problem of the construction machinery plate business is the key to the development strategy of Shandong Heavy Industry Group's "Twelfth Five-Year Plan". For a long time, the global hydraulic system was monopolized by Germany's Bosch, Rexroth, American Eaton Corporation and Japan's Kawasaki Corporation. At present, China’s high-end hydraulic products are completely dependent on imports, causing the trade deficit to increase year by year. In 2000, the trade deficit in imports of hydraulic components in China was 150 million U.S. dollars. By 2011, imports of hydraulic products were as high as 30 billion yuan, and the trade deficit increased to 3.7 billion U.S. dollars. Tan Xuguang, chairman of Shandong Heavy Industry Group, said that the acquisition of Kaiou forklifts and Linde Hydraulics will help Shandong Heavy Industry quickly master the world's leading high-end hydraulic technology. Through adaptive development and cooperation, we have achieved full breakthroughs in many fields such as construction machinery, agricultural machinery, yachts and aerospace, making Shandong Heavy Industry’s core technology directly into the global leading level, quickly occupying the commanding height of the hydraulic industry, and completely changing the Chinese high-end hydraulic products. Long-term dependence on imports. The acquisition of funds all come from its own funds.
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