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Genertec acquires 58% stake in Qier Machine Tool

By Wan Zhihong (China Daily)
Updated: 2008-07-02 13:59

China General Technology (Group) Holding Ltd (Genertec), one of the country's leading trading companies, yesterday agreed to buy a 58.05 percent stake in Qier Machine Tool Group Co Ltd (Qier), making the company the controlling stakeholder.

Genertec plans to work with Qier to develop the group into the leading heavy-duty machine tool producer in the world, a Genertec statement said yesterday.

Genertec will also support Qier in making some acquisitions to expand its business, both in the domestic and the international market, the statement said.

"The deal is an important step in the business transformation of Genertec. It will lay a solid foundation for the company's equipment manufacturing business," said He Tongxin, chairman of the company.

To develop an advanced manufacturing business is the top priority for the company in its business transformation, he said.

Analysts said Genertec has advantages in bringing in advanced technology because of its long experience in the field. This will further increase the competence of Qier in the global market.

They said that as a leading machine tool manufacturer in China, Qier's business would continue to see rapid growth as China has started to take measures to revitalize its equipment manufacturing industry.

In 2006, the State Council announced plans to revitalize the country's equipment manufacturing business. China will build a group of leading equipment manufacturing companies in different sectors, and further increase their expertise internationally.

Last year Genertec released its new development strategy, which plans to double the company's revenue in three years, and to list in its entirety in six years.

Under the new strategy the company will build four major businesses in the future: advanced manufacturing, trading and project contracting, pharmaceutical and research and development consulting.

The company will also look at opportunities to bring in sectors which are high value-added and have rapid growth opportunities.

One example of this is that in 2006 China Automobile Engineering Research Institute joined Genertec, further extending the industrial chain of the company.