(Yicai Global) Feb. 23 -- Shenzhen H&T Intelligent Control Co. will acquire an Italian smart controller maker for EUR4.33 million (USD5.3 million) via its wholly-owned unit and raise its shares in the target to cement its position as a leader in the smart home-appliance controller field.
Its subsidiary H&T Intelligent Control International Co. has signed an agreement with Italy-based De'Longhi Appliances Srl, whereby the unit will acquire a 55 percent stake in De'Longhi's wholly-owned subsidiary NPE Srl (NPE), the Shenzhen-headquartered smart home-appliance controller developer stated yesterday.
The parties to this deal also agree that H&T International must further acquire 25 percent of NPE's shares within 30 working days after its corporate financial statement is audited and finalized -- before Dec. 31 next year. The price determination will rest on the target's sales growth and net profit margins for this year and next, per the statement. Major NPE clients include internationally-famous home appliance firms such as Bosch Siemens Home Appliances Ltd. and Electrolux AB, but it also has others in the automotive electronics, commercial production machinery, and industrial machinery industries, the statement said.
H&T International mainly serves famous transnational companies. This investment will help it offer in-depth and customized services for core clients, while also averting trade policy entanglements and risks from exchange rate fluctuations. As the target possesses profound capabilities in research and development, market expansion, quality management, and production and manufacturing, this buyout will also help H&T International build a future European operating center, per the statement.