• <abbr id="ck0wi"><source id="ck0wi"></source></abbr>
    <li id="ck0wi"></li>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li><button id="ck0wi"><input id="ck0wi"></input></button>
  • <abbr id="ck0wi"></abbr>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li>
  • Home >

    Overseas Mergers And Acquisitions: 1+1>2 Threshold High

    2011/10/18 16:53:00 43

    Mergers And Acquisitions Overseas Enterprises

    If last year Ningbo cistar Limited by Share Ltd successfully acquired Switzerland, Tanger group is only a case of overseas mergers and acquisitions in the industry. So this year, China Hi-Tech Group Corporation's acquisition of Hongkong Lixin industrial group and ericon newmag combing business unit is enough to push overseas and buy from "case" to "phenomenon" category.


    When the domestic spinning machinery enterprises are worried that they can not catch up with the advanced foreign countries. Textile machinery At the time of technology, foreign textile machinery enterprises are also looking for ways to fully enter the world's largest textile machinery market. The complementarity between this technology and the market will become a major opportunity for the future global interest in textile machinery industry, multinational enterprises cooperation and overseas mergers and acquisitions.


    At present, most of the mergers and acquisitions of textile machinery enterprises in China are embodied in strategic transactions on capital or equity. Therefore, the acquirers are not all textile enterprises. By comparison, the purpose of overseas mergers and acquisitions of textile machinery enterprises is obviously more direct and clearer, that is, to acquire advanced overseas textile technology as the driving force, and the target of mergers and acquisitions refers to the overseas advanced textile machinery technology groups.


       High threshold for overseas mergers and acquisitions


    Ningbo cistar Limited by Share Ltd has completed a wholly-owned acquisition of the world's third major computerized flat knitting machines, which are the world's third largest computerized flat knitting machines with net assets of 22 million 483 thousand euros, and Italy's fashion design center and Shanghai Textile Machinery Co., Ltd. Zhuyu's successful case shows that strong financial strength is a prerequisite for enterprises to achieve overseas mergers and acquisitions.


    However, when the enterprises that meet the conditions of merger and acquisition funds are on the same line, the amount of capital is not the decisive factor for overseas enterprises to choose to buy the company.


    "In mergers and acquisitions, the ability of an enterprise is the key to an enterprise's successful acquisition." In the Journal of Ningbo University published in May this year, Sun Pingfan, chairman of Ningbo Cixing Limited by Share Ltd, expressed this view in analyzing the company's takeover case. Sun Pingfan believes that such enterprises' capabilities lie in decision-making, human resources and technology. Specifically, enterprises need to have keen strategic discernment, managers should have decisive decision-making ability, enterprises should have young and high-quality talent pool, have effective and harmonious business capabilities, be familiar with the market and master international operations; enterprises must have their own brands, independent technology and excellent product quality.


    Another factor that can not be ignored is the local advantages of Chinese enterprises in the domestic market. Chen Xiaohong, director of the Enterprise Research Institute of the State Council Development Research Center, believes that Chinese enterprises have their own advantages in overseas mergers and acquisitions, that is, obvious procurement, sales and service advantages in the Chinese market. "Relying on China's market advantage value chain integration mode, Chinese enterprises can rely on large scale and fast growing domestic market advantages to acquire foreign companies with higher technology level, and enhance the technological advantages of R & D and manufacturing of Chinese enterprises through value chain integration and technology digestion and absorption."


    In addition, the so-called "good birds choose wood and live". Merger The "first impression" in the process is also crucial. As a concentrated embodiment of soft power and "first impression", factors such as social prestige, responsibility image and management experience of enterprises and their leaders are also the intangible threshold set by candidates for M & A.


      Technology driven factors


    Nowadays, overseas mergers and acquisitions are essentially caused by the number of enterprises, but the relationship between M & A and the acquired enterprises is an equal cooperation, mutual aid and win win relationship.


    The determination of M & a industry is closely related to the strategic layout of enterprises. As the first brand of Chinese flat knitting machine, Ningbo Cixing Limited by Share Ltd chose "strengthen the strong" and take the global four major computerized flat knitting machine manufacturers as the primary goal of mergers and acquisitions, in order to achieve further flight of technology and products in the flat knitting field that they are good at. As the largest spinning group of China, the Limited by Share Ltd group of China Heng Tian group chose to use "long board short board" to further enhance the strength in dyeing and finishing equipment and nonwoven equipment, and achieve globalization.


    For domestic spinning machinery enterprises with overseas M & A conditions, choosing the right "marriage" target is a crucial step in the process of strategic expansion. Although textile machinery enterprises choose technology as the driving factor without exception, there is a contingency of "looking at the right eye" in the process, and it is inseparable from scientific and meticulous objective comparison and growth prediction.


    Heng Tian is "the first sight love" for the world's best and largest dyeing and finishing manufacturer Lixin group. The two sides expressed their willingness to cooperate in 1999. Later, influenced by the environment of the textile industry, cooperation failed. After that, Heng Tian kept a low profile and secretly accumulated the strength of mergers and acquisitions. In 2008, the two sides launched substantive negotiations on mergers and acquisitions, and after 3 years, they finally reached a takeover agreement. {page_break}


    Compared with Heng Tian, cistar's choice of M & A targets is more tortuous. The ability and strength of Japan island and Stoll, Germany, were first excluded. After thinking about the potential and appreciation space that Target Corp might bring after its acquisition, Cixing gave up the acquisition of Prouty in Italy, because Prouty was leading in technology, but the brand influence was gradually marginalized. While Switzerland is set up late, but the independent R & D technology is relatively mature, since the 80s of last century, there have been many invention results, which shows that it has been pursuing innovation and constantly improving its brand effect. On the other hand, by the impact of the international financial crisis, Tanger has suffered losses, and it is eager for powerful companies to inject funds to solve the crisis faced by enterprises, which ultimately provides an opportunity for the successful acquisition of cistar.


    It is understood that the world financial crisis The impact, including many foreign textile machinery enterprises with advanced technology and brand, is still at a low historical level. In addition, the trend of European and American market withdrawing from the industry is becoming more and more obvious.


       Integration and integration


    It is only a year since the takeover of Tzu star, but it has been a long time since the acquisition of Li Xin, and the more pressing issue has been placed in front of the two enterprises.


    The problem of absorption and digestion after purchase lies in all aspects of thinking mode, management culture and product concept. The real test has just begun for the successful acquisition of overseas enterprises.


    It is reported that after the acquisition of TSE, the Swiss R & D base was developed as a new product development platform. The research and development products were first produced in Shanghai in small batch production. After the technology was mature, they were transferred to Ningbo for large-scale production. Combined with the advantages of foreign R & D and local low-cost production advantages, a new computerized flat knitting machine with high performance price ratio and high technology content was produced.


    The integration of technology only needs to cross geographical boundaries, and the integration of management needs to transcend cultural barriers. Because overseas textile machinery enterprises have advanced enterprise management system and excellent management team, both enterprises choose to maintain relative independence of overseas business management and mechanism.


    Sun Pingfan pointed out that Cixing adopted the strategy of "cultural integration". The premise of integration is to respect each other and carry out the management method of "participation not dominant". The personnel and equipment in foreign countries are not moving, and send people to study abroad, promote each other and develop each other, thus enhancing the operation efficiency after M & A.


    Similarly, after the acquisition, the group will retain the core team and business structure of Li Xin, and cooperate with Li Xin in the field of dyeing and finishing equipment. For example, the sales system of the textile machinery in the mainland can complement each other with the global marketing network of Lixin, and the financing platform of Heng Tian can provide financial support for Lixin's customers.


    Let us wait and see whether the "two" individuals of "1+1=2" before acquisition can realize the synergistic effect of "1+1>2" after takeover in collision and integration.

    • Related reading

    Where Is Cheap Brand?

    Market trend
    |
    2011/10/18 16:24:00
    27

    Anhui: Cotton Market Is In The Wake Of &Nbsp; New Flower Sales Growth Is Slow.

    Market trend
    |
    2011/10/18 15:52:00
    32

    China'S Apparel E-Commerce Is Developing Rapidly.

    Market trend
    |
    2011/10/18 15:40:00
    36

    Bedding Is Expected To Exceed The Largest Consumption Of Clothing And Textile Market.

    Market trend
    |
    2011/10/18 11:06:00
    17

    The Price Of Listed Autumn Clothing Is Up 20% &Nbsp; Next Spring And Summer Clothing Or Price Cuts.

    Market trend
    |
    2011/10/18 9:19:00
    43
    Read the next article

    Clothing Enterprises Must See: On-Site Guidance For Shop Assistants Training

    When new store members enter the shop, many companies expect old mature salesmen to help new salesmen with experience and skills. However, under the influence of sales performance and job responsibilities, the old shop assistants are less and less instructing for new salesmen, and sometimes they even deliberately suppress the growth of new salesmen due to job competition.

    主站蜘蛛池模板: 深夜a级毛片免费视频| 亚洲日韩欧洲无码av夜夜摸 | 48沈阳熟女高潮嗷嗷叫| 色婷婷在线视频观看| 日本高清视频wwww色| 国产精品毛片无遮挡| 又黄又爽又色又刺激的视频| 亚洲va久久久噜噜噜久久狠狠| gogogo高清在线观看中国| 蜜芽亚洲欧美一区二区电影| 欧美人与动zooz| 天堂а在线中文在线新版| 国亚洲欧美日韩精品| 久久精品亚洲精品国产欧美| 黄色网站在线免费观看| 欧美巨鞭大战丰满少妇| 国产精品反差婊在线观看| 亚洲久热无码av中文字幕| 99久久精品免费观看国产| 精品国产一区二区三区久久影院 | 两个人www免费高清视频| 香港伦理电影三级中文字幕 | 国产精品高清一区二区三区| 免费在线观看视频网站| 丰满熟妇乱又伦在线无码视频| 老汉色老汉首页a亚洲| 日韩在线视频一区| 国产精品v欧美精品v日韩精品| 亚洲欧洲精品成人久久曰影片| eeuss在线播放| 白嫩少妇喷水正在播放| 尾野真知子日韩专区在线| 同桌一直在夹腿还嗯啊的叫| 久久久久久久蜜桃| 青青草综合在线| 日本在线视频www色| 国产女人嗷嗷叫| 么公的又大又深又硬想要| 亚洲人成777| 欧美午夜一区二区福利视频| 国产色视频一区|