|
SHENYANG, June 28 (Xinhua) -- Northern Heavy Industries (NHI) Group finalized a merger and acquisition deal with U.S.-based The Robbins Company Tuesday in Shenyang, capital of northeast China's Liaoning Province.
The merger is expected to sharpen state-owned NHI's competitive edge and revive the manufacturing sector in the old industrial base in China's northeastern rust belt.
After the merger, NHI plans to integrate both companies' resources and expertise to register a new firm at a high-end industrial park in Shenyang, and enhance its presence in the international heavy machinery market.
The merger and acquisition deal is expected to help the NHI become a public company in three to five years, when its output value is expected to reach 3 billion yuan (451 million U.S. dollars).
The NHI, based in Shenyang, employs 10,000 people and is among China's top three heavy machinery manufacturers. Its products are sold to more than 30 countries worldwide.
The NHI merged with NFM Technologies of France in 2007 to become an transnational company.
