At the turn of the century, mergers and reorganizations among multinational companies have become the main theme of the global automotive industry. Winners frequently spend billions of dollars to swallow up a batch of former star companies between the fingertips, without the slightest amount of courtesy and warmth. Chrysler, the third-largest automaker in the United States, was merged with Daimler in Germany; Rolls-Royce, the British automotive industry, was cut across the board by Volkswagen and BMW, buying Birmingham's factory and trademark rights respectively; France's Renault Mergers Day After the birth, the killer who sent Nissan’s general manager Ghosn’s losses was a drastic layoff. With the accession to the WTO, the globalization of mergers and reorganizations finally blew into the Chinese automotive industry.
The pressure for survival has finally led to a difficult “first step†in the merger and reorganization of Chinese cars.
"Tianyi reorganization" docks Toyota
Mergers and reorganizations are an eternal and difficult topic for the Chinese automobile industry for 30 years.
As early as the 1980s, the pattern of "unorganized spreads" in Chinese cars was criticized. The world’s largest auto OEM, the total output of the entire year, is not as good as the output of a multinational company’s production line. It was once the most ironic portrayal of this pattern. However, the enterprises are divided into central, local, and different departments; each has state-owned, joint venture, and private companies with different backgrounds. They are divided into sections and interests, especially local tax revenues and output pressures, which make cross-regional mergers and acquisitions more difficult.
On June 14, 2002, FAW Group and Tianqi Group signed a reorganization agreement in Beijing. FAW Group acquired 50.98% shares of Tianjin Xiali, which was originally held by Tianqi Group. Tianjin Xiali Automobile merged into FAW.
For Tianqi, this is an opportunity for a lifetime. At that time, Tianqi Group had already run into a quagmire. Xiali’s monthly sales even fell to a few hundred districts. The Chinese automobile “firstborn son†FAW had just been surpassed by SAIC. The reorganization of the two parties was, in the final analysis, a merger. FAW was not only This obtained the resources of the self-owned brand small cars; it also used Tianqi's springboard to complete the international docking with Toyota, and established the FAW Toyota in good faith.
Dongfeng Nissan: An Overall Joint Venture
In 1997, Miao Wei was at stake and was dispatched by the deputy chief engineer of the Ministry of Machinery over Dongfeng Company. Serve as general manager. At that time, the huge and old state-owned enterprises located in the depths of the mountains had accumulated a loss of 540 million yuan, and even survival has become a problem. Miao Wei took office and set up a military order of “when two years to achieve the group's overall turnaroundâ€. In 1999, Dongfeng borrowed from the market pressure from the country’s addition of military vehicles and “debt-equity swaps†to get out of the market. , curb the decline in efficiency. By the end of 2001, Dongfeng’s growth in car sales, revenue, and profit had ranked first among the three largest groups, achieving a profit of 2.5 billion yuan.
Achieved the "corporate reengineering" of the east wind and thus get the marriage with Japan's second largest car manufacturer - Nissan Corporation.
In July 2003, the new joint venture Dongfeng was established. The two shareholders, Dongfeng and Nissan, each have 50% shares, but the joint venture company is not called "Dongfeng Nissan" but called "Dongfeng Limited." The company’s registered capital is US$2 billion, and Dongfeng Motor Corporation is subordinated to its Qi Cheng’s stock of assets: the shares of subsidiaries and related companies. The main production and operation entity and 80,000 employees enter the joint venture company; Nissan Motor Co., Ltd One billion US dollars in cash.
"Dongfeng Limited" truck products use "Dongfeng" brand. The car uses the “Dongfeng Nissan†brand, based in Huadu, Guangdong and Xiangfan, Hubei Province. In recent years, Dongfeng Nissan has been standing proudly in the Chinese car industry with new models.
In the Dongfeng Nissan joint venture restructuring process, the disposal of surplus personnel is not the severance of layoffs and buyouts, but rather the development of resettlement and job training as the main stream to develop new businesses and create new job opportunities. At the same time, in the "Dongfeng Limit", the work system of the party and the masses is completely preserved. The party committee secretaries and political workers have clear positions, responsibilities, and benefits. They have made beneficial new explorations for the joint ventures and restructuring of state-owned enterprises.
South reorganization: meat in the bowl is the last word
On December 26, 2007, SAIC and Nanjing Automobile signed a cooperation agreement to push the scale and scope of China's auto mergers and acquisitions to a new height.
The key point of the South-South cooperation is plain, and capital is everything. Nanjing Automobile's quality assets have all been incorporated into the listed company "Shanghai Auto." For SAIC, it has won 2.095 billion yuan of "real gold and silver." Yuejin Group took the money and bought 320 million shares of Shanghai Auto. At the same time, it has a 25% stake in the newly established Donghua Company (which includes other divested businesses).
This move abandons the past "free allocation of state-owned assets", and in accordance with market rules, operates in accordance with the norms of listed companies and has carried out a successful reorganization of assets. The role of the internal power of enterprise development is far greater than that of the government.
Yuejin Group's predecessor, Nanjing Automobile Factory, is now qualified to compete with FAW. Today, it has become a young woman with a dowry that is gradually dying. It is possible to establish a partnership with SAIC Group, which has become the leader of the limelight, and has switched from “marrying†to “high climbing.†. The fact that meat is in the bowl is the absolute principle. For the employees of SAIC NAV, and for the shareholders of SAIC Motor after NAC's assets have entered, it is true for the future of the Chinese automobile industry.
The "cut-in point" for the South Cooperation is the grudges of the two parties' own brand "Roewe" and "MG Grande". In 2006, SAIC spent 67 million pounds to buy 75,25 models and engine technology from British Rover, while Nanjing Auto bought Rover's equipment and MG brand with 53 million pounds. The two sides have launched two independent brands of "Roewe" and "MG MG" in the mid-to-high-end models, and formed a competitive situation.
At the 2007 Shanghai Auto Show Media Day, SAIC chairman Hu Maoyuan threw an "oliver branch" to Chairman Wang Haoliang of NAC. Hu Maoyuan and Wang Haoliang met privately in the evening. The two parties are far-sighted, with the same technical origin as the link between the two models, and they have begun a comprehensive cooperation. The reorganization at the end of the year has finally turned into a jade.
Snap a finger. In December 2010, the successful integration of the Shangri-La for the past few days has successfully come to an end. Based on the loss reduction of 40% for two consecutive years, Nanjing Auto has turned losses into profits, and none of the employees has been laid off. In the past three years, the mental outlook of Nanjing employees has undergone profound changes. In the past, they were waiting to see. Later, they followed their studies. They are now desperately trying to do it. Achieved the goal of "integrating into one".
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