Wednesday, Wonder Auto Technology Inc. (WATG) said its wholly-owned subsidiaries, Jinzhou Wanyou Mechanical Parts Co. Ltd, spent US$12 million in acquiring 100% equity of Friend Birch Limited (Hong Kong), including Friend Birch's rods and shafts technology development center, technologies and patents and two wholly-owned subsidiaries, which produce automotive mechanical springs, gas springs, and gas spring rods and shafts, etc.
Wonder Auto Tech noted that the acquisition of Friend Birch's R&D center will enhance the technology, improve the quality and increase the variety of our rod and shaft products; thereby contributing to the achievement of the company's strategy to increase its market share globally.
"This acquisition will bring us about 5 million in extra capacity, which will greatly ease the pressure of our limited capacity at the moment for our rods and shafts. It is also forecasted that this acquisition will provide us with an extra net income of $2 million in the next 12 months", commented Qingjie Zhao, chairman and chief executive of Wonder Auto Tech.
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