PR Newswire: news distribution, targeting and monitoring
Home Page > News Releases > Industry News > ZMJ and CRCI to Acquire Bosch's Starters and Generators Business

ZMJ and CRCI to Acquire Bosch's Starters and Generators Business

2017-05-02 17:47
Share with Twitter
-- Partnership with ZMJ to significantly accelerate SG's growth in China, the world's largest automotive market
-- Together with SG, ZMJ aspires to become world-leading manufacturer of starters and generators

ZHENGZHOU, China and HONG KONG, May 2, 2017 /PRNewswire/ -- Zhengzhou Coal Mining Machinery Group (ZMJ) (SSE: 601717, HKEX: 00564), an industrial group that produces auto components and coal mining machinery, and CRCI (China Renaissance Capital Investment), a private equity firm, today announced that relevant parties have entered into a binding agreement to acquire Robert Bosch GmbH's (Bosch) Starter and Generator business (SG).

The transaction is expected to significantly accelerate SG's growth in North America and China, the world's largest automotive market, as well as maintain SG's leading market position in Europe.

"ZMJ and CRCI are ideal partners for our SG business. The combination of ZMJ's longstanding manufacturing experience and local know-how paired with CRCI's financial expertise will enable SG to significantly accelerate its technology development and expand its business, particularly in China," said Dr. Rolf Bulander, chairman of the Mobility Solutions business sector and member of the management board of Robert Bosch GmbH.

Mr. Chengyao Jiao, Chairman of ZMJ, said, "This acquisition is a significant step towards realizing our goal of becoming a global leader in the auto components sector. It also marks the beginning of an exciting new partnership with SG and all of its stakeholders. We are looking forward to welcoming the talented employees and management of SG - the foundation of this long-standing business - to the ZMJ family. We also look forward to upholding SG's truly customer-centric approach. We are committed to working closely with SG's management to take starters and generators to the next level."

"With its talented workforce, advanced technology and solid market position, SG epitomizes world class industrial innovation and quality engineering," said Dr. Mark Qiu, CEO and Managing Director of CRCI. "CRCI is honored to act as the catalyst to fuse SG's capabilities with ZMJ's experience in China and other markets which offer tremendous growth potential. We are confident that the combination will enable SG to tailor products to emerging market needs, while continuing to supply high quality and cost-efficient products to their current customer base."

SG has 16 locations in 14 countries, including in Germany, China, Brazil, Hungary, India, Mexico, South Africa, Spain and the United States.

"This partnership is a fantastic outcome for SG and all our employees. ZMJ and SG are highly complementary businesses. ZMJ is fully aligned with our business strategy and through our partnership we will be well placed to expand our opportunities and accelerate our growth," said Dr. Ulrich Kirschner, President of SG.

SG's starters and generators business is a world-wide leader in the field of automotive energy supply with a product portfolio that includes high-efficiency generators and starter motors for petrol and diesel engines as well as the economical and CO2-reducing start-stop and hybrid systems.

"SG will bring an experienced workforce, strong track record of innovation, superior manufacturing capability and industry-leading product pipeline to our starters and generators business," said Mr. Hao Jia, Deputy General Manager of ZMJ and Chairman of ASIMCO, ZMJ's auto components subsidiary. "We are especially excited that this partnership will increase our ability to capitalize on the growing demand for eco-friendly technologies such as start-stop starters and boost recuperation machines which significantly reduce carbon emissions. Together we will strengthen our leadership in these technologies and be poised to significantly increase market share in the rapidly growing Chinese automotive market and beyond."

The transaction is subject to closing conditions and customary regulatory approvals.

About Zhengzhou Coal Mining Machinery (Group) Co., Ltd

Established in 1958, Zhengzhou Coal Mining Machinery (Group) Co., Ltd. (ZMJ) is a global leading manufacturer of coal mining machinery and auto components. ZMJ acquired ASIMCO Group in 2016 from Bain Capital. ASIMCO Group focuses on starters and generators, NVH parts and powertrain products. ZMJ is dual-listed on the Shanghai Stock Exchange under the ticker SSE: 601717 and the Hong Kong Stock Exchange under the ticker HKEX: 00564.

About CRCI

CRCI (China Renaissance Capital Investment), founded in 2005, is a private equity firm in Greater China with over US $2 billion of total assets under management. The partners of CRCI are committed to identifying global and local M&A opportunities to bring capital and quality assets together for Chinese companies to grow scale, quality and global reputation. It also finances entrepreneurial growth in China.

About Robert Bosch Starter Motors Generators Holding GmbH

Robert Bosch Starter Motors Generators Holding GmbH (SG), a subsidiary of Robert Bosch GmbH, is a global partner of vehicle and engine manufacturers for environmental-friendly and efficient power generation. SG develops starter motors and generators for passenger cars and commercial vehicles, start/stop starter motors for start/stop systems and electric motors for hybrid vehicles. SG employs roughly 7,000 associates across 16 locations in 14 countries.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/zmj-and-crci-to-acquire-boschs-starters-and-generators-business-300449425.html

Source: ZMJ; CRCI

Related stocks: HongKong:0564 Shanghai:601717

Featured Video

Banking/Financial Service Recent Releases

Machine Tools, Metalworking and metallurgy Recent Releases

Machinery Recent Releases

Mining/Metals Recent Releases

Acquisitions, mergers, takeovers Recent Releases

Advanced Search
Search
  
  1. Products & Services
  2. News Releases
  3. Knowledge Center
  4. For Journalists & Media
  5. Multimedia Theater
  6. Contact Us