Home / China News / News detail

Harbin Electric to buy electric motor company

From Associated Press| July 12 , 2008 09:05 BJT

Northesat China-based Harbin Electric Inc., which manufactures motors, said Friday one of its subsidiaries agreed to buy Weihai Hengda Electric Motor Co. Ltd. and Wendeng Second Electric Motor Factory for about $54 million in cash.

The company said the acquisition will enhance its position in the Chinese electric motor industry.

Harbin Electric said the purchase price was based on total revenues of about $48.7 million and total profits of about $6.5 million recorded by the companies, known collectively as Hengda Electric Motor, for the year ended March 31.

The company said it expects to close the deal "as soon as practically possible."

Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods. Buyer service:buyer-support@gasgoo.comSeller Service:seller-support@gasgoo.com

1: Geely signs JV agreement with Renault for expansion in Brazilian market

2: Rankings of electrification component suppliers in China (Jan.-Apr. 2025): Market leaders solidify dominance, automakers accelerate vertical integration

3: Xiaomi YU7 model surpasses 200,000 units in fixed orders within 3 minutes of market launch

4: SAIC-GM, Bosch, Qualcomm to co-develop AI-powered cockpit experience for next-generation vehicles