The increasing emphasis on energy conservation, environmental protection, automotive intelligence and safety technologies has become a new trend in the automotive industry. This is also reflected in the merger and acquisition of global auto parts this year: Samsung SDI will disregard $3.3 billion for the purchase of First Knitwear, consolidating its business in the automotive lithium battery field. TE will disburse $1.7 billion for the acquisition of precision electronics for sensor manufacturers... More than 10 mergers and acquisitions this year have focused on automotive electronics, new energy, and emissions technologies. Technological changes have become the main driving force in leading this round of mergers and acquisitions.
In April, American power supplier BorgWarner announced that it had completed the acquisition of German GustavWahler GmbH. Wahler is a company that specializes in the production of EGR for exhaust gas recirculation products. Customers include Daimler, Volkswagen, BMW and General Motors. According to BorgWarner, the acquisition will strengthen BorgWarner's market position in fuel economy and emissions. In addition, Visteon has purchased Cooper's standard thermal management and emission product series. The mainland has acquired 50% of the equity of Imitac held by GKN. The focus of the acquisition is also on the automotive emission technology field.
Since the beginning of this year, there have been three acquisitions involving the automotive electronics sector, namely Visteon’s acquisition of Johnson Controls’ automotive electronics business, Vodafone’s acquisition of Italian Cobra Corp. to enter automotive electronics, and TE’s acquisition of sensor manufacturer’s precision electronics. Among them, it is worth noting that TE spent 1.7 billion U.S. dollars to purchase precision electronics.
As one of the world's leading sensor manufacturers, Precision Electronics' sensor products can cover pressure sensors for brake systems, liquid properties sensors for liquid quality monitoring, humidity and temperature sensors for engine control, and for electronic assistance. In various fields such as the inclination sensor of the braking system, TE’s acquisition of Precision Electronics is of great significance for its further enhancement of the competitive strength in the automotive electronics field.
Cross-border acquisitions have become a global component industry trends
In response to the wave of new energy vehicles and car networking, cross-border acquisition has become a convenient way for many traditional component companies to enter new areas. For example, GKN spent £8 million to acquire the Williams Hybrid Power Business Unit; Nippon Electric Company acquired $123 million for the A123 Energy Solutions business.
While the comprehensive parts giants such as Johnson Controls and Continental Group were reviewing the situation and continuously stripping traditional and low-end parts and components businesses to strengthen their core business competitiveness, they began to expand the non-automotive field by considering the overall development strategy of the Group. Acquisition. In the first half of the year, Johnson Controls invested US$1.6 billion in the acquisition of a Canadian air distribution technology company as an important step in its expansion into the construction sector. At the same time, Johnson Controls continued to spin off auto parts and automotive interior parts. Continental is seeking to acquire Veyance for $1.9 billion and expand its business outside the automotive industry.
There are also some non-automobile companies that are optimistic about the automotive components industry. The Vodafone Group of the United Kingdom intends to enter automotive electronics through the acquisition of Italian Cobra, which is a more typical example of cross-border acquisition. As one of the world's largest mobile communication network companies, Vodafone has obviously rich resources and technological advantages in the fields of automotive electronics and car networking. The Cobra products it intends to acquire are mainly related to automotive safety, telecommunication and vehicle tracking for the automotive and insurance industries. Its customer resources are mainly concentrated in Renault, Toyota and Ferrari, as well as some insurance companies. Vodafone, an autoparts company, is optimistic about the auto parts industry. This year, Russian oil entered the automotive tires market through the acquisition of a 13% stake in Pirelli.
Traditional business field integration remains the mainstream
The technological change in the automotive industry is an important cause of many corporate mergers and acquisitions. In order to follow the development of new energy vehicles and car networking technologies, many traditional component companies have capitalized themselves into these new fields. Therefore, there are also many cases of "cross-border" acquisitions in the global auto parts industry this year. However, mergers and acquisitions cases in China's parts and components industry still focus on traditional business integration and market scale improvement. This may also objectively reflect the current status of China's auto parts industry.
In the first half of this year, China’s spare parts companies participated in four international acquisitions, namely, China’s first capital to purchase Sertec, a Jaguar Land Rover supplier, with 920 million yuan, and Junsheng Subsidiary, Ira, the assembly line developer, and Zhuzhou New Materials for the era. Acquired ZF's metallurgical rubber business to provide substantial international acquisition of North American auto plastic fuel tanks. The areas covered by these mergers and acquisitions include stampings, exhaust pipe trims, cable products, cast iron cylinders, airbags, seat belts and steering wheels, automotive shock absorbers, and fuel tanks. Among them, the business unit for metal rubber products under ZF's Zhuzhou Times New Materials acquired by China South Locomotive Co., Ltd. is currently China’s largest auto parts company’s acquisition in Europe. The core assets involved in this transaction are the automotive vibration damping systems. Famous brands, global annual sales of about 700 million euros. However, as can be seen from these acquisitions, based on the expansion and supplement of the original business of the company, it is still the mainstream thinking of M&A of local parts and components companies.
The Huayu Automobile holding subsidiary plans to acquire the South China Chemical Co., and Yuchai buys out 49% of Caterpillar's Yuchai remanufacturing company, which is based on the internal resource integration of the company. There is not too much from the acquisition itself. New ideas. Recently, Huayu Automobile again reported the acquisition of a 50% stake in Germany's KSPG Group subsidiary. It is reported that Huayu Automobile will use the acquisition to upgrade its lightweight application technologies for components such as engine blocks and body structures and expand the global business of automotive aluminum castings. Such acquisitions are still the integration of traditional businesses.
Financial capital plays an important role in mergers and acquisitions
In the six corporate acquisitions in the first half of the year, it can be seen that many private equity funds and investment companies have become an important part of component acquisitions. For example, in March this year, the industry’s first capital to be acquired by Sertec, a British component manufacturer, was an investment company that was just established in Hong Kong. It is understood that the company’s main investment is in industrial equipment and biotechnology industries, with a registered capital of 8 One hundred million U.S. dollars. China's largest oil tank manufacturer Yapu Auto Parts Co., Ltd., the controlling party, acquired all the shares of Canadian ABC Group's oil box company and its Gallatin plant in Tennessee, USA, also through its overseas investment and financing platform Rongshi International Holdings Co., Ltd. Completed.
Also in April of this year, China’s private equity company Fangyuan Capital came close to the acquisition of Key Safety Systemes, a subsidiary of Paralympics Automotive Security Systems, headquartered in Shanghai and with approximately US$2.4 billion in assets under management. Profit, it will become the company's first investment company headquartered in the United States.
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