Beijing – China’s polyurethane adhesive maker Beijing Comens New Materials announced in December its plan to buy Huasen Rubber and Plastics for a CNY 910m ($131m).
Huasen is based in Wuhan, Hubei, and makes rubber seal and shock pads for the auto industry. It sells these to a number of local auto makers under the labels Honda, Nissan and Toyota. In 2015 the company reported a 38% jump in net profit to CNY 74m; revenue gained 37% to CNY 193m.
Comens will consolidate Huasen’s resources in product, technology and sales networks to broaden its portfolio and further expand into the auto industry, the firm said in a statement.
“Huasen’s experience in the market can help us better understand the needs of auto sector clients, conduct product development and technology upgrade accordingly and timely respond to market changes,” the statement added.
Exchange Rate: Xe.com 19 December 2016