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Tri-Ring to buy Polish bearings maker
Source: AFP |
May 21, 2013, Tuesday
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Print Edition
Print Edition
CHINA'S Tri-Ring yesterday signed an agreement to buy Polish bearings maker FLT Krasnik, the second-largest Chinese investment in Poland, its industrial development agency said.
The group signed the accord with Poland's treasury to buy the ARP agency's 89.15 percent stake, ARP spokeswoman Roma Sarzynska-Przeciechowska said.
The takeover comes a year after then Chinese Premier Wen Jiabao pledged to double bilateral trade turnover with Poland over five years.
The spokeswoman refused to disclose how much Tri-Ring would pay for the stake but said it was below the 56 million euros (US$72 million) spent last year in China's largest investment in the EU member.
Chinese machinery group LiuGong bought Poland's bulldozer firm HSW as well as its distribution branch Dressta in that acquisition in January of last year.
Tri-Ring is one of China's leading bearings makers and among its 500 largest firms.
The Krasnik factory in east Poland has 2,000 workers and 265.3 million zloty (US$82 million) in revenue last year.
The group signed the accord with Poland's treasury to buy the ARP agency's 89.15 percent stake, ARP spokeswoman Roma Sarzynska-Przeciechowska said.
The takeover comes a year after then Chinese Premier Wen Jiabao pledged to double bilateral trade turnover with Poland over five years.
The spokeswoman refused to disclose how much Tri-Ring would pay for the stake but said it was below the 56 million euros (US$72 million) spent last year in China's largest investment in the EU member.
Chinese machinery group LiuGong bought Poland's bulldozer firm HSW as well as its distribution branch Dressta in that acquisition in January of last year.
Tri-Ring is one of China's leading bearings makers and among its 500 largest firms.
The Krasnik factory in east Poland has 2,000 workers and 265.3 million zloty (US$82 million) in revenue last year.
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