MAX Automation AG plans to acquire majority shareholding in the activities of the Chinese mechanical engineering company Shanghai Cisens Automation Co., Ltd.
MAX Automation AG / Key word(s): Takeover
MAX Automation AG, Düsseldorf
Publication of insider information pursuant to §17 MAR
Düsseldorf / Shanghai, August 02, 2017 - The Management Board of MAX Automation AG signed an investment agreement today to acquire a majority shareholding in the activities of the Chinese mechanical engineering company Shanghai Cisens Automation Co., Ltd. MAX Automation AG plans to acquire a 51 % stake as a first step with the option of purchasing all remaining shares in the years to come. To carry out this transaction, Shanghai Cisens Automation's business operations are to be transferred to a new company as part of an asset deal in which MAX Automation AG will hold 51 % and the founder and CEO Roger Lee 49 % of the shares.
According to the most recent information available, the transaction volume for the acquisition will be in the low double-digit million euro range. The acquisition is expected to take place in the fourth quarter of 2017.
Shanghai Cisens Automation specializes in industrial automation. The automobile industry is by far its largest customer segment. The company is sustainably profitable, employs around 170 people and has two production sites and two service centers in China. For the current year, Shanghai Cisens Automation plans to double its sales to around EUR 20 million.
Through this shareholding, MAX Automation AG would take a significant step towards establishing its own organization in China, the world's largest automobile market. The strategic goal is to increase local value creation in handling customer projects.
MAX Automation AG, Breite Straße 29-31, 40213 Düsseldorf,
02-Aug-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||MAX Automation AG|
|Breite Straße 29-31|
|Phone:||+49 (0)211 90991-0|
|Fax:||+49 (0)211 90991-11|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|