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    Tianhong Textile: 56 Million 260 Thousand Acquisition Of The Fabric Seller, Last Year'S Revenue Of $130 Million.

    2018/6/27 8:45:00 85

    Tianhong TextileHolding CompanyFabric

    Tianhong Textile Group Co., Ltd. (hereinafter referred to as "Tianhong textile") announced today (June 25th) that the company intends to acquire the new holding company's interests in textile business, including selling the company's 47.5% stake in the new holding company. The company will have the right to sell the company to the company to sell its 8.75% stake in the new holding company, and the new holding company will grant the company a share option. In addition, during the period from third to fifth years after the date of the agreement, the seller may require the company to purchase all of its shares in the new holding company, and the company may also require the seller to sell all of its shares in the new holding company.

    According to the agreement, Tianhong textile will invest $8 million 75 thousand to acquire 47.5% of the newly issued share capital of the new holding company, and pay the remaining $562 thousand and 500 within 10 days after the transfer of all shares.

    The announcement indicates that the purpose of the new holding company is to hold the rights of the target group. Apart from holding a target group, it has no business. Fabric And clothing sales, etc., as of December 31, 2017, the unaudited net assets amounted to US $8 million 314 thousand.

    According to the unaudited accounts of the new holding company for the year ended December 31, 2017, the pre tax and after tax profits for the year ended December 31, 2017 were approximately $3 million 189 thousand and $2 million 200 thousand respectively, while the profits before and after tax in December 31, 2016 were approximately $3 million 814 thousand and $2 million 632 thousand respectively.

    The new holding company is mainly engaged in sales of textiles in the United States and Mexico, with a capable sales team and a firm base of customers, and led by a management team with more than 30 years' experience in the textile industry, with annual sales of about $130 million.

    In addition, although Tianhong textile acquired most of the shares, the new holding company will continue its normal operation. Tianhong textile board believes that the new holding company can also drive the business growth of the company's production base in Central America and Vietnam in the Americas.

    The first textile network reporter learned here that Tianhong textile is one of China's largest cotton textile manufacturers, and is also the leader of the global elastic core spun yarn market. The group's main business is to manufacture and sell high-quality yarns, grey fabrics, needle woven fabrics and garments (jeans), with particular focus on producing high added value elastic core. yarn

    Since its establishment in 1997, the group has been developing rapidly and has more than 3000 domestic and foreign customers. Its sales network is in China, Vietnam, North America, Europe, Brazil, Turkey, Bangladesh, Japan and South Korea. The company takes Shanghai as its sales headquarters, and sets up production bases in China, Vietnam, Kampuchea and Nicaragua. Turkey, Uruguay and other places are also developing industrial bases. The main production facilities include about 3 million 30 thousand spindles and 1283 looms, with a total investment of over 8 billion RMB.

    In 2017, the total income of Tianhong textile reached 16 billion 300 million yuan. The main business yarn sales reached 650 thousand tons, the scale of income amounted to 14 billion 580 million yuan, accounting for 89% of total revenue, of which the sales of elastic core spun yarn amounted to 340 thousand tons, accounting for 49% of revenue.

    Southwest Securities analyst Shen Wenqi said, thanks to the growth of Tianhong textile production capacity, from 2012 to 2017, the business income of Tianhong textile increased from 7 billion 340 million yuan to 16 billion 300 million yuan, and the compound annual growth rate was 17.3%. Because the pricing mode of Tianhong textile products is raw material cost + processing fee, the profit is affected more significantly by cotton price, and the net profit attributable to parent company fluctuates greatly.

    In 2018, Tianhong textile began to expand in northern Vietnam and China's Xuzhou and Shandong. The new capacity will be mixed with new and second-hand equipment. It is expected to add about 220 thousand spindles and 380 thousand spindles in Vietnam and China respectively. It is estimated that 10% of the yarn production capacity will be expanded every year to ensure performance growth.

    Shen Wenqi analysis, from the development process of Tianhong textile, the acquisition expansion has been the way of the company's development. Through the acquisition of bankrupt state owned enterprises, Tianhong textile has achieved rapid expansion in capacity, and has achieved a good profit level, reflecting that the company has relatively strong post investment management and integration capabilities. Through the construction of the northern Vietnam Industrial Park, we can achieve the production and operation management of the whole industrial chain (the customer is responsible for cloth development and production, and the group is responsible for yarn and jeans garment making). industry Development needs.

    In Shen Wenqi's view, in terms of the profitability of enterprises in all aspects of the industrial chain, raw material Cost accounted for 77%, spinning industry's profitability is the worst and the most unstable. Through vertical integration of the industrial chain, the profitability of Tianhong textile is expected to be improved, and stability is expected to increase.

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