Foton Motor 480 million yuan acquisition of Foton Heavy Machine Co., Ltd
(chinatrucks.com, Jan.14, 2010)It is reported that Foton Motor intended to acquisition of Foton Heavy Machine Co., Ltd. by 480 million yuan trading price. At the same time, Foton will take over all of Special Purpose Vehicle business-related assets (including a wholly owned subsidiary Lovol International), and undertake corresponding liabilities.
Foton heavy machine Co.,Ltd is located in Xuanhua High-tech Zone, Zhangjiakou City, Hebei Province. It was incorporated in December 2004 with registered capital of 644 million yuan. The major products of the company are mainly for the commercial mixed equipment (concrete plant, market share of 6.3%), and dump truck (market share of 1.39%), the sales of two types of product accounting for 94% of total sales. Among them, business equipment accounted for more than 70% marker share.
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