Wolong Electric Acquires Successful Delivery of US General Electric's Medium and Low Voltage Motor Business
Wolong Electric Group Co., Ltd. officially signed an agreement with General Electric Company ("GE") on June 30, 2018 and successfully completed the GE low-voltage motor business ("SIM") for $160 million in cash. Acquisition and delivery. Since then, GE's SIM business has officially become an important part of Wolong's global business layout.
In recent years, Wolong has continued to focus on the core business of motor manufacturing. It has successively acquired European ATB Motor Group, Italian SIR Robot Company and OLI Vibration Motor Company, and domestic Nanyang explosion-proof motor, etc., and is committed to building a world-class motor and control enterprise. At present, Wolong's factory network has spread throughout Asia and Europe. It has established R&D centers for motors and drive control in Europe and Japan, and plans to establish a global R&D center in Shanghai. These make Wolong's market share a leading position on a global scale.
This time, Wolong Electric's acquisition of GE's medium and low voltage motor business mainly involves the design, development, manufacturing and sales of low voltage and medium voltage motors below 1750 horsepower. The assets mainly include 100% equity of General Electric Industrial Motors Mexico Co., Ltd. 100% equity of GE Electric Services Co., Ltd. and other entities involved in assets and employees related to this business.
The newly established Wolong SIM sales headquarters will be established in Houston, Texas, USA. With its expertise in motor expertise, state-of-the-art manufacturing technology, advanced management, modern process equipment, and a robust North American sales network, SIM will be the center of Wolong's North American operations, providing high quality to the global market. GE brand medium and low voltage motor products. In addition, Wolong has signed a 10-year trademark license agreement with General Electric from the date of delivery, which will help Wolong to sell its products to the American market under the GE brand through the SIM window, and the transaction will also expand the SIM sales channel. The sales of SIM key products to the Chinese and European markets will form an industrial synergy model of 1+1 greater than 2, reinforcing the important territory of Wolong's “global market”. In the future, Wolong promises to continue to invest in the brand in the direction of industrialization 4.0 and digitalization, strengthen the development of new products in North America, continuously enhance brand value and product performance, and maintain synergy and consistency with world-class advanced technology development trends.
The US General Electric motor business has a legendary history dating back to the Edison era 130 years ago. Wolong and GE share a common vision: to build a better future for customers, both in the industrial and civilian sectors, to create higher value for customers. Wolong firmly believes that this cooperation will further enhance the main business of the motor, expand the global sales network, carry out technical synergy development on a global scale, improve the level of motor manufacturing and service, expand the global market share, and finally consolidate Wolong's global motor and control. leading position.
