Recently, with the evolution of international mergers and acquisitions of giant multinational parts and components , the original world auto parts development landscape seems to have changed. From the hustle and bustle of the hustle and bustle on the surface, what people feel is that in the process of world autos moving from traditional to new energy vehicles and interoperable smart cars, the parts and components industry is also fully prepared for this.

In this unprecedented merger and acquisitions war, taking the case of several big acquisitions in Europe and the United States and several cases of mergers in China as examples, it is still possible to clarify the difference between the acquisition and restructuring intent.

Three major acquisitions

Indicates the direction of future technological development

ZF acquired TRW. Originally ranked as the forefront of global parts and components companies, the former acquired the latter for US$13.5 billion and formed the world’s second-largest supplier of automotive parts. After completion of the transaction, Tianhe will operate as an independent business unit within ZF. The new group's annual operating income will reach 30 billion euros (about 41 billion US dollars), and the total number of employees is 138,000.

It is understood that prior to this, ZF signed an agreement with Bosch and sold all 50% of the shares held by ZF Steering to Bosch, paving the way for the acquisition of Tianhe. In 1999, ZF set up ZF Steering Systems with Bosch equal investment, with factories in 8 countries, and employs more than 13,000 people worldwide; in 2013, the joint venture company’s operating income reached 4.11 billion euros (about Together for 5.5 billion U.S. dollars). The TRW Group also has a relatively large-scale steering system business. In 2013, its operating income in this area reached US$2.7 billion, accounting for 15.5% of its overall revenue.

This kind of progression has reflected the comprehensive consideration of the future development of the entire group's business and can be said to be a beneficiary for all parties concerned. For example, for this transaction, Bosch said that ZF steering system is a technological leader in the growing field of electric power steering, which is precisely the core technology of automatic driving, energy saving and environmental protection, and even electric vehicles.

It can be seen that ZF not only obtained valuable funds but also retained TRW's related business when it sold the steering system business with Bosch. Bosch has also benefited, and the transformation of the original joint venture into technology is precisely the core technology necessary for future self-driving and energy-saving and environmentally friendly vehicles.

Magna acquires GETRAK. A few days ago, Magna, Canada, and GETRAG signed an agreement to buy a 100% stake in GETRAK for 1.75 billion euros (US$1.9 billion). In 2014, Magna, which ranks among the top three global auto parts companies, has sales of powertrains of US$4,954 million, accounting for 14.5% of the company's total sales. Don Walker, Magna's chief executive, said that according to Magna's current product portfolio, the development of the automotive powertrain business will be top of the strategy, and Getrag fully complies with the company's strategic requirements.

For the acquisition of GETRAK, the world's largest private enterprise of automotive transmission, there are also insiders pointed out that the DCT dual-clutch automatic transmission represents the technical trend of automotive automatic transmissions, and the industry is generally optimistic about the future development prospects of DCT. As the market leader of global DCT technology, Getrag can not only bring the most advanced DCT technology to Magna, but also bring more complete power system to Magna in the traditional manual transmission and synchronizer technology. Product portfolio.

BorgWarner buys Remy. BorgWarner has announced that the company has reached an agreement with Remy International Inc. to acquire the latter for $951 million in cash. It is reported that the products provided by Remy International mainly include alternators, starters, power transmission and other products. The company's business covers 10 countries around the world. BorgWarner is also a global manufacturer of parts and components, mainly providing high-tech engine and power transmission components and systems. After the acquisition was completed, it was not only an integration of BorgWarner's existing business, but also the acquisition of Remy brought about significant purchase efficiency and cost savings for BorgWarner. James Verrier, president and CEO of BorgWarner, said that the acquisition is an important step for the company’s strategy to increase its profitability to US$15 billion by 2020.

For the acquisition of the parts and components business represented by the above three representative of today's largest trading projects, it can be seen that a series of layouts with core business as the integration point will not only not end, but will also continue to expand in the world. Among them, the integration of future-oriented technologies such as smart, energy-saving and advanced power transmission is in line with the development direction of future world automotive technology.

Domestic mergers and acquisitions

Focus on overall assets and new energy business

Looking back, in the light of the recent domestic mergers and acquisitions of some parts and components, it can be seen that the merger and reorganization cases that occur abroad are different.

For example, the acquisition of Shanghai Electric Drive by Ocean Electric can be seen as a major integration of the largest new energy vehicle drive motor system companies in China.

Relevant information shows that Shanghai Electric Drive was established in July 2008. It is one of the leading companies in the field of new energy vehicle drive motor systems that started earlier and has strong R&D and design, product manufacturing and integration capabilities. The main products are new energy vehicles. Drive motor system. Shanghai Electric's customers include Yutong Bus, Beiqi Foton, Zhongtong Bus, Hengtong Bus, Jinlong Bus, Ankai Bus, Brilliance Automotive, and Geely Automobile. In 2014, Shanghai Electric Power realized an operating income of 601 million yuan and a net profit of 66,646,600 yuan.

For the acquisition of Shanghai Electric Drive, Ocean Motor has stated that since listing, the company has accelerated the implementation of industrial transformation and upgrading and resource integration based on the home appliance and household electrical appliance motor industries. At present, it has formed home appliances and household electrical appliances and new energy sources. There are three business segments: automotive drive motor systems and automotive rotary appliances. Among the three business segments, the pace of development of the new energy auto business segment was lower than expected. Through the acquisition of new energy vehicles, the company has certain advantages in the field of drive motor systems, is an effective way to achieve the company's rapid deployment and full involvement in the field of new energy vehicles, but also will further increase the company's market share.

The acquisition of Tianjin Tianhai by Guangyang Group intends to acquire a major focus on the research, development, production and sales of specialized shift components for the main transmission of Tianhai's main business. At the same time, various products and technologies such as synchronizers, planetary gears, and thin-walled components, such as synchronizers, planetary gears, and thin-walled parts, and Tianhai Synchronous Vehicles and parts such as GETRAG, Volkswagen, and the US’s “Big Three” are also available. The partnerships that have been formed between manufacturers and synchronizer products that Tianhai synchronizes with more than 50 major transmission mainframe manufacturers at home and abroad are the biggest expectations of Guangyang.

In another domestic proposed acquisition case, Yuandong Transmission intends to acquire Yuanbo Machinery. Its main acquisition target is Yuanbo Machinery’s operating assets, including fixed assets, construction in progress, intangible assets and other operations. Related assets, in order to extend the company's own industrial chain. As a professional manufacturer of steel pipes for transmission shafts and precision steel castings, Yuanbo Machinery possesses advanced production lines, spacious factory buildings, land and other existing resources, which may be the favorite of Far East Drive.

As can be seen from the acquisition cases of the above several domestic parts and components companies, the difference between foreign companies and their own core businesses is that the acquisitions among domestic enterprises value the overall resources of the acquired companies, even including the plant and land. And other fixed assets. At the same time, the development of the new energy automobile industry in the future is also a matter for domestic spare parts manufacturers to plan ahead as soon as possible.

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