Teijin Investment Co., Ltd. agreed to acquire 50.6% stake in CSP Victall Structural Composites Co., Ltd. from Qingdao Victall Railway Co., Ltd. for approximately 310 million.
December 14, 2020
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Teijin (China) Investment Co., Ltd. agreed to acquire 50.6% stake in CSP Victall (Tangshan) Structural Composites Co., Ltd. from Qingdao Victall Railway Co., Ltd. (SHSE:605001) for approximately 310 million on December 11, 2020. Teijin (China) Investment Co., Ltd. signed definitive agreement to acquire 50.6% stake in CSP Victall (Tangshan) Structural Composites Co., Ltd. from Qingdao Victall Railway Co., Ltd. (SHSE:605001) on December 14, 2020. Post completion, CSP Victall (Tangshan) Structural Composites Co., Ltd. will be indirect wholly owned subsidiary of Teijin Limited (TSE : 3401). Teijin (China) Investment Co., Ltd. will hold 50.6% stake in and Continental Structural Plastics Holding Corporation will hold 49.4% stake. For the year ended December 31, 2019, CSP Victall (Tangshan) Structural Composites Co., Ltd. reported net assets of CNY 401 million, total assets of CNY 450 million, net sales of CNY 59 million, operating income CNY -30 million and Net Income CNY -29 million. Transaction is expected to complete on December 31, 2020. The acquisition of the shares will have a minor impact on the consolidated operating results for the fiscal year ending March 31, 2021.
Qingdao Victall Railway Co Ltd is a China-based company mainly engaged in the research and development, manufacturing and sales of rail transit vehicle supporting products. The Company's products are primarily divided into five categories. The interior products include roof panels, wall panels, air ducts, vehicle display screens, partitions, roller blinds, bar counters, seats and others. The toilet system includes vacuum toilet system, toilet module, water tank and washroom, among others. The metal structural parts include skirt board fastening devices, hangers, equipment compartment frames, line pipe fixing brackets, equipment welding brackets and others. The modular products include opening and closing mechanisms and shade screens, among others. The exterior structural parts include head shells, pantograph diversion covers, skirt boards and bottom diversion covers. The Company also provides vehicle maintenance services.
QINGDAO VICTALL RAILWAY CO., LTD. 