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CSG Automotive Glass Was Bought By Xinyi
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XINYI announced it has bought the China Southern Glass (CSG) Automotive Glass Division. XINYI is a leading automotive glass, float glass, architectural glass and solar glass manufacturer in china, the 100% shares deal was done by a payment of 237million HK dollar from XINYI. After the transaction, Shenzhen CSG Automotive Glass will be the subsidiary of XINYI.
This transaction enables XINYI to enlarge its scale of automotive glass business, further strengthens XINYI’s leading position in the global automotive glass market based on the outstanding achievement in export. The new CSG Automotive Glass will also benefit from this deal for enhancing massive production and reducing its procurement cost, the effectiveness and profit will be greatly increased.
XINYI will believes that through this strong-to-strong combination, the customers and business partners will also share the benefits from it, they will get better quality products and thoughtful services. Since this transaction, XINYI will be able to provide the customers much more various products and go deeper in both domestic and overseas market, thus to hold in hand the continuous competitive advantage in automotive glass industry.
About this transaction, XINYI’s high rank officer tells the reporters that from the date of 1st of Nov.2007, XINYI will take over the Shenzhen CSG Automotive Glass Division, and promises that The company body will have no change, the business models and contracts will keep effective, the managing board and the main sales people will also keep in their position, even the business activities won’t have much adjustment, the new company will keep on as before and better than before to provide the customers good quality products and services.
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November 27th, 2007
Source: Xinyiglass.com |
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