Weichai Power Co., Ltd.
Weichai Power Co., Ltd. is a China-based company primarily engaged in research, development, manufacture and sale of automobiles, engines and relevant components. The Company provides engines for passenger vehicles, engines for trucks, engines for electric power generation, engines for ships, engines for engineering machines, as well as engines for agricultural machines.
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Weichai Power buys French diesel engine manufacturer
Weichai Power Co (SZ:000338; HK:2338), one of China’s leading diesel engine manufacturers, has confirmed that it plans to acquire a French diesel engine producer. In a statement released yesterday, Weichai said it won a deal to pay 2.99m euros (US$3.79m) for assets of Moteurs Baudouin with a book value of 13.82m euros in January 23, 2009, but the acquisition still needed government approval.
Moteurs Baudouin SA (MB) is a manufacturer and wholesaler of marine diesel engines, gearboxes, propeller shafts and related products with a registered capital of 13.82 million euros.
Weichai will obtain the technologies and brands of the century-old company, which will help Weichai develop its overseas market, according to the statement.
Weichai also denied the possibility of acquiring GM's auto parts plant in France in the same statement. The engine maker said its Hong Kong unit held preliminary talks last December with GM's auto parts plant in Strasbourg, France, to discuss cooperation in various technological fields instead of acquisition. No agreements have yet been reached.
Shares in Weichai Power rose 10 percent on its Shenzhen trading and 3 percent in Hong Kong.
