Zhejiang Mei Bang Textile Mergers And Acquisitions Two U.S. Companies

In March 12th, more than 500 staff members of two seamless underwear enterprises in New York and Losangeles returned to normal work. Unlike in the past, more than 20 shareholders of the two American companies have been replaced and their boss is from Zhuji, China. The acquisition of the two US companies is the Zhuji Zhejiang Mei Bang Textile Co., Ltd. According to Wang Ling, general manager of the company, the two American companies have been 15 years old, ranking the top three in the seamless underwear industry, while the "United States textile" ranks fourth in the world. After the completion of the acquisition, the "Mei Bang textile", founded in 2003, has become the largest multinational group in the world. "Mei Bang textile" mergers and acquisitions of two U.S. companies, the opportunity comes from the global financial crisis brought about by the industry changes. In October last year, "Mei Bang textile" signed an agreement of intent with two American companies to process them. By November, two US companies suddenly announced the cancellation of the procurement plan. With the spread of the financial crisis, the loan banks of these two companies are in financial crisis, which makes the company fall into the predicament of liquidity exhaustion. In this case, "Mei Bang textile" bought all the shares of the two companies in cash. According to Wang Ling, the seamless underwear of two American companies has nearly 50% market share in the whole country, and has a high brand awareness. Before mergers and acquisitions, American companies could not control production cost in comparison with "Mei Bang textile", but they had obvious advantages in product design and distribution channels. "Because of market access and other reasons, we can not access foreign distribution channels." Wang Ling said that the export volume of the company's US $50 million last year was mainly OEM for the EU. Because of quota restrictions, products are hard to enter the US market. After the successful merger of the two US companies, the US market suddenly opened the US market, and the order from the US has been scheduled for 2010. At present, "Mei Bang textile" has adjusted the development strategy, that is, giving full play to the synergistic effect of globalization, making use of the channel and brand advantage of the United States to build the world's largest seamless underwear production base in China. Recently, the "Mei Bang textile" technical transformation and expansion project with a total investment of 650 million yuan laid the foundation in Zhuji. The annual output value of the project is US $100 million, which is 2 times the original capacity of the company, and nearly 3000 new jobs can be added. More investment information, click enter