The report below is extracted from People Daily News (Overseas Version):
After establishing contact with Wilbert Group (abbreviated as “Wilbert”) since June 2013 and 8 months of negotiation afterwards, the Chineses enterprise Nanyang Guoyu Seal Development Co., Ltd finally won the approval of the creditors of Wilbert Group in February 2014 and successfully signed the Project Contract. During negotiation, apart from Guoyu, there are also strategic and financial investors from Germany and other European countries; but the final winner is Guoyu.
Nanyang Guoyu Seal Development Co., Ltd was founded in 2002 and has a long-term commitment to R&D, design and production of automotive sealing materials and products, like the environmental-friendly non-asbestos materials and Viton sealing elements. Guoyu is currently an integrated enterprise which masters the core technology and holds a leading position in the field of automotive sealing elements in China.
Wilbert was founded in 1932. The company has the capacity to produce European largest derrick crane as well as to design, produce and maintain the trolley-jib tower crane and luffing jib tower crane. Wilbert also runs rental business of tower cranes. The average utilization rate has reached 75% in recent years. With its leading technology and great ability of independent R&D, the company enjoys a good reputation in German and European tower crane market. Wilbert Group has three subsidiaries: Wilbert Turmkrane GmbH, Wilbert Kranservice GmbH and Wilbert Montage GmbH, the total assets of which amounted to 100 million Euro. They all gradually entered D –bankruptcy proceeding last year.
Guoyu will improve its core competitiveness and enhance its overall strength through the acquisition of Wilbert, so that they can speed up the development and spread the scale of business, which is a significant step for Guoyu to become an international modern enterprise.
As the exclusive M&A consultant of the buyer Guoyu, the consulting team of Eurasian Consulting has provided their advice and suggestions with professional business skills and rich experience during the acquisition process and contributed to the final completion of the transaction. The former shareholder of Wilbert and the Chairman of Guoyu both said that they are satisfied with the cooperation and the professional performance of Eurasian Consulting has left a deep impression on them.
