THE Toll Group plans to acquire 40 per cent of Tianjin Anda Logistics, a large third party logistics provider in China's rapidly expanding automotive market.
Toll managing director Paul Little said the Chinese automotive market - the largest in the world - offers "immense opportunities" for the company to leverage its automotive capabilities.
"The market grew 32 per cent in 2010 to record sales of 18.6 million vehicles compared to 11.8 million in the US. In the future, motor vehicle sales will be supported by strong economic growth, the current low rate of car ownership (50 cars per 1,000 people in China versus over 750 in US) and government investment in road infrastructure," he said.
"Tianjin Anda provides finished vehicle transport, storage and processing services for leading brands such as FAW, Toyota, BMW, Peugeot-Citroen and Chery. It is based in Tianjin, a major manufacturing centre and China's largest import terminal, which is close to Beijing and well connected to the main national highways," said Mr Little.
Last year Tianjin Anda generated revenue of over CNY400 million (US$61.7 million). Toll will initially acquire 40 per cent of the privately-owned business with the option of moving to a majority stake over the next two years and to increase that further over five years.
He added that the acquisition is subject to Chinese regulatory approvals which are anticipated to take three to six months.
Toll managing director Paul Little said the Chinese automotive market - the largest in the world - offers "immense opportunities" for the company to leverage its automotive capabilities.
"The market grew 32 per cent in 2010 to record sales of 18.6 million vehicles compared to 11.8 million in the US. In the future, motor vehicle sales will be supported by strong economic growth, the current low rate of car ownership (50 cars per 1,000 people in China versus over 750 in US) and government investment in road infrastructure," he said.
"Tianjin Anda provides finished vehicle transport, storage and processing services for leading brands such as FAW, Toyota, BMW, Peugeot-Citroen and Chery. It is based in Tianjin, a major manufacturing centre and China's largest import terminal, which is close to Beijing and well connected to the main national highways," said Mr Little.
Last year Tianjin Anda generated revenue of over CNY400 million (US$61.7 million). Toll will initially acquire 40 per cent of the privately-owned business with the option of moving to a majority stake over the next two years and to increase that further over five years.
He added that the acquisition is subject to Chinese regulatory approvals which are anticipated to take three to six months.
Source : HKSG, 02.06.11.
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