News this week: NASDAQ-listed Global
Sources announced an agreement has been made to acquire a proportion
of the Shenzhen International Machinery Manufacturing Industry Exhibition (SIMM)
and its related trade shows. According to the terms of the agreement, Global
Sources will acquire a 70% stake in the Shenzhen International Machinery Automation Exhibition and
the Shenzhen International Mould Making
Technology & Product Exhibition, and a 56% stake in the Shenzhen International Cutlery & Tools Exhibition and
the Shenzhen International Metal Processing
Industry Exhibition.
Subject to closing
conditions, the cost of the acquisition will range from approximately
US$11 million to US$16 million
depending on the level of its performance. The last edition of SIMM was
held from 28th to 31st March 2013 at the Shenzhen Convention and Exhibition Center,
and attracted around 4,600 booths and more than 75,000 visitors.
Merle A. Hinrich, executive chairman of Global Sources,
stated, “Our ownership interest in SIMM further
assists us to establish a strong presence in a fast-growing market in China.
With SIMM’s dominant
presence in the machinery industry, combined with Global Sources’ globally
established media platform, the partnership enables both parties to take
advantage of this exciting opportunity.”
This post is excerpted from BSG's weekly e-newsletter
which is part of our subscription research service, BSG Tracker. Visit our website
to find out more about this service. You can also follow us on Twitter
for all the latest updates.
No comments:
Post a Comment