"The global auto parts industry is far more integrated than the entire vehicle company. China's auto parts industry, especially the OE (automotive accessories) supporting market, will eventually also usher in a huge wave of consolidation."

When Beiqi and Geely attacked overseas markets, Chinese domestic component manufacturers were not idle either. On December 14, Zhejiang Auto Parts Co., Ltd., Ningbo Yunsheng Co., Ltd. (hereinafter referred to as “Ningbo Yunsheng”) and the four shareholders of Nisshin Motor Co., Ltd. signed an equity transfer contract, and Ningbo Yunsheng had a price of nearly RMB 92 million. , Acquired 79.13% of Nikko Electric Industrial Co., Ltd. (hereinafter referred to as "Nihon Electric").

More than a month ago, Shenglong Group, another auto parts company in Ningbo, acquired the SLW Inc. of BorgWarner. If the overseas acquisition of parts and components under consideration is included, more than 10 overseas acquisitions by local component companies will occur in the second half of this year. The global financial crisis has given local component companies the best leap development opportunities.

"The global auto parts industry is far more integrated than the entire vehicle company. China's auto parts industry, especially the OE (automotive accessories) supporting market, will eventually usher in a huge wave of consolidation." Gasgoo.com president Chen Wenkai on CBN The reporter said.

Ningbo Yunsheng acquisition sample

On December 14th, Ningbo Yunsheng announced the signing of equity transfer contracts with Daiwa Securities Co., Ltd., Asia Recovery Fund LP, Asia Recovery Co-Investment Partners LP, and WLR Recovery Fund LP for a total price of 1.17 billion yen (equivalent to approximately RMB 9200). 10,000 yuan) Acquired 79.13% of the shares held by the four shareholders mentioned above. After the acquisition is completed, Nikko will become a holding subsidiary of Ningbo Yunsheng.

Ningbo Yunsheng is a private manufacturer in Zhejiang Province and its main business covers permanent magnet materials, automotive motors and other fields. Nikko Electric is a well-known automobile parts manufacturer in Japan. Founded in 1933, Nikko is mainly engaged in the manufacture and sale of automotive electrical components, DC motors and control machines. Clients include Isuzu Motors Japan, Komatsu and Mitsubishi Heavy Industries.

Ningbo Yunsheng Securities Department Wang Ping told CBN reporter that the acquisition agreement was formally effective pending the approval of the Ningbo Foreign Economic Relations and Trade Cooperation Bureau, and the payment of the purchase money will also be subject to the approval of the Ningbo Municipal Branch of the State Administration of Foreign Exchange. It is expected that the above approval process will be completed in February 2010 and payment of the payment and delivery of equity will be completed.

"Yunsheng Motor's business and Nikko's product lines are complementary, and both parties can complement each other in production costs and quality management, and cooperation will facilitate the rapid entry of products into China's domestic complete vehicle market." Wang Ping said, Rixing The motor products are suitable for heavy-duty trucks, passenger cars and construction machinery and other market sectors, complementing Yunsheng's original core components of generators and starters for cars in Europe and America. In terms of cost control, Ningbo Yunsheng can help Nikko to effectively reduce procurement and manufacturing costs. In turn, Nikko can also help Ningbo Yunsheng improve product quality into higher-end markets.

The acquisition has not yet been completed, but Ningbo Yunsheng has formulated an ambitious development plan. “After this acquisition, Yunsheng’s entire automotive motor business will rapidly expand from an annual sales of about 200 million yuan to a sales scale of 600 million to 700 million yuan. With the expansion of China's OE (automotive accessories) supporting market, it is hopeful that sales will increase to more than RMB 1 billion after 2 to 3 years, said Wang Ping.

Domestic components attack overseas acquisitions

An acquisition at the end of October this year by Ningbo Shenglong Group staged a classic case of overseas “bottom-bottoming” of the parts and components industry. On October 26th, Shenglong Group purchased more than 90% shares of SLW Automotive Co., Ltd. ("SLW"), a subsidiary of the world's top 500 companies, the US-based BorgWarner Group, for US$ 15.794 million. The acquisition has enabled Shenglong Group to obtain SLW's technology and market, and Shenglong’s automotive oil pump market share is also expected to rise from fourth in the world to second place.

Luo Yulong, chairman of Shenglong Group, said that the financial crisis has helped the Shenglong Group to “eat fish and fish”. At the same time, Shenglong Group can also directly use this acquisition to become a tier one supplier for GM, Ford and others. "The harvest will be all-round."

Yubei (Xinxiang) Automotive Power Steering Co., Ltd. (hereinafter referred to as "Yubei Company") is negotiating the purchase of the former Delphi (now Nexteer) steering system business from General Motors. The completed acquisition also included Jingxi Heavy Industry Co., Ltd.'s acquisition of Delphi vibration damping and braking business. The transaction was signed on the 6th of last month in Detroit, USA. This year alone, there were more than 20 overseas acquisitions in Ningbo City, including textile and auto parts companies.

“More and more Chinese companies have begun to acquire overseas through acquisitions to obtain advanced technology or sales channels,” commented Nihon Keizai Shimbun.

“Overseas auto industry is still low, and there are still many valuable overseas parts quality assets that can be acquired at a lower price.” Chen Wenkai said that the website is preparing for the organization of matchmaking activities to help Chinese companies find more “opportunities for overseas bargain-hunting”. .

However, from the global status quo of the parts and components industry, the global major market has caused major turmoil in the parts and components industry, and layoffs, production suspensions, and mergers and acquisitions have frequently occurred. Due to the small size of Chinese companies, relatively backward technology, and lack of global operating experience, this trend is generally not favorable to Chinese parts and components companies. The possibility of Chinese companies being integrated is far greater than the integration of other companies.

Chen Wenkai believes that currently China's spare parts suppliers are still enjoying the feast of the carnival stage, but the local parts and components companies are better prepared to take precautions, use the best time to acquire overseas high-quality assets or technology, so that their faster growth, to meet the future Prepare for integration.

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