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Reporter Wei Jinqiao from Shanghai
Wanxiang Group intends to acquire some assets of Delphi Corp., the world's second-largest auto parts supplier, especially the mechanical steering system that overlaps with its own business.
Wan Guanqiu, chairman of Wanxiang Group’s Board of Directors, told U.S. media the day before yesterday that Wanxiang Group is negotiating with Delphi on some assets of the latter’s acquisition in the United States. U.S. President of U.S.-based U.S. said that Wanxiang Group is very interested in the acquisition of some of Delphi's assets, with a particular focus on the overlapping mechanical steering systems of Delphi and Wanxiang. However, it is still not known whether it can be acquired. >>> Weichai Power Tan Xuguang took over Deron's gun stock reform within two years does not cash out
With the Delphi North America business in crisis, the Delphi reorganization plan has officially started. At present, many auto parts companies, including the United States Johnson Controls Systems Inc., are beginning to seek involvement in the restructuring of Delphi. At the same time, a detailed plan for the restructuring of Delphi began to spread within the company. "This restructuring plan involves almost all of Delphi's core businesses." Yesterday, a person from Delphi China confirmed to the "First Financial Daily" that "not only electronic and control systems, but also mechanical and power systems."
The reporter called Wanxiang Group headquarters and a general manager office refused to disclose information on the acquisition. Jiang Jian, vice president of Delphi China, said: "We have no comment on Wanxiang Group's acquisition intention."
At present, the main products of Wanxiang Group are chassis accessories such as mechanical steering systems and transmission shafts. Ni told U.S. media that Wanxiang Group is interested in acquiring any asset that the US first-tier or second-tier auto parts makers and the group's business support. In addition to its interest in Delphi, Wanxiang Group is also negotiating with other U.S. auto parts makers on the acquisition of assets and business, some of which are nearing success. However, Ni-frequency refused to disclose which companies are specific. >>> Lu Guanqiu: Transnational entrepreneurs coming out of blacksmith shop (with photos)
Hu Song, an auto analyst at Haitong Securities, believes that “part of the mechanical system assets that Wanxiang Group is good at are the core assets of Delphi North America, and its profitability is very strong. The possibility of Delphi selling is very small. And if Wanxiang buys other Good assets are risky."
In addition to participating in GAC, the acquisitions of Wanxiang Group have recently been cautious. Last year it tried to acquire parts and components companies such as Xiangyang Bearing (000678.SZ) and Hunan Torch (000549.SZ) in China, but eventually withdrew.
Due to the accelerated integration of Delphi's North American market, some of Delphi's assets have begun to be sold intentionally. Although Jiang Jian repeatedly stated that Delphi’s North American bankruptcy application is not related to Chinese business, the actual situation may not be the case.
"Not long after the Delphi North American market was in crisis, Delphi's battery business assets in China have been sold to Johnson Controls." The above-mentioned Delphi Chinese person told reporters, "The investment in the Chinese market has not been reduced. However, due to continuous turmoil in North America, it has begun to affect In the mindset of the Chinese business, many colleagues have already or are seeking new job opportunities.†>>> Xiangyang Bearing had intentionally contacted Wan Qian Chao Chao Lu Guan accidentally missed
Delphi currently invests more than US$500 million in China, and has 14 joint ventures and sole proprietorships, a training center, and an R&D center. In China, Delphi supplies almost all major vehicle manufacturers. In 1993, when Delphi had just stepped into the Chinese market, sales in China were only US$20 million. In 2003, this figure became 650 million U.S. dollars.
But this year, under the pressure of Germany's Bosch, Denso and Visteon Automotive Systems, Delphi China's growth rate has slowed down. Apart from the Shanghai R&D center that was previously promised, there are almost no major investment projects this year. At the same time, Bosch and Denso have spent more than hundreds of millions of dollars to increase investment in China.