Harbin Electric, Inc. (HRBN) announced that its wholly owned subsidiary, Harbin Tech Full Electric Co. Ltd., completed the acquisition of Xi'an Simo Motor Inc., a China-based electric motor company.
On October 6, Harbin Electric announced that Harbin Tech Full had signed a definitive agreement to acquire 100% of the outstanding shares and all of the corresponding assets of Simo Motor in consideration for the payment of a purchase price equal to no less than six times and no more than eight times the 2008 audited net profits of Simo Motor.
As of the closing date, Harbin Tech Full had completed the registration of the share transfer with the requisite PRC authorities and had obtained the required business registration and transfer of licenses of Simo Motor, all as contemplated by the definitive agreement. On October 13, Simo Motor changed its name to Xi'an Tech Full Simo Motor Co. Ltd.
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