WEG announced today an agreement to acquire the Chinese manufacturer of electric motors for washers and dryers Changzhou Sinya Electromotor Co. Ltd (“SINYA Group”) and component manufacturer Changzhou Machine Master Co. Ltd. (“CMM Group”). The acquisitions are subject to customary closing conditions and approval by several Chinese regulators.
SINYA Group manufactures electric motors for washers, dryers and other appliances, developing advanced technology products for major manufacturers worldwide. SINYA Group was founded in July 2005 and the main manufacturing plant is located in Changzhou, Jiangsu province, occupying 28,550 square meters area. A new manufacturing plant, with around 68,760 square meters, is under construction. The Group also includes “Wuxi Ecovi”, an appliance products and solutions development and engineering company. SINYA Group’s revenues in 2012 were of approximately USD 88 million.
CMM Group manufactures transmissions and mechanical components for appliance solutions marketed by SINYA Group. CMM Group was founded in July 2005 and the manufacturing plant is located in Changzhou, with approximately 12,000 square meters area. CMM Group’s revenues in 2012 were of approximately USD 17 million, being SINYA Group one of its main customers.