MILAN, Apr 14 (Class Editori) - Indel B sold all its participations to the Chinese subsidiary. The group producing refrigeration systems for mobile living destined to the automotive, hospitality and leisure time markets has completed the operation with Guangdong Tianhu.
The investment fund focused on the acquisition of medium-sized Chinese industrial companies will take over a 30.8% quota (90 million yuan/12 million euro) held by Guangdong Indel B, the company listed on the MTA segment of Borsa Italiana.
The proceeds of the sale will support the company's growth strategy. Guangdong Tianhu, as security for the successful outcome of the transaction, undertook to deposit a 10% first advance to guarantee the fulfillment of the consideration by 31 May 2019, in a trust account opened in a leading Chinese credit institution. The sale of the shareholding in Guangdong Indelb, already announced to the market last September, was motivated by the divergence on the industrial strategy adopted by the majority Chinese partner, both at the commercial and investment level.
According to a memo, this strategy still provides for a massive advertising campaign, with huge advertising costs to promote the sale of portable refrigerators destined for mass consumption and therefore shifting the company's focus on a different market segment that is not part of the core-business of Indel B.
The two companies are in any case completing a three-year commercial agreement for the production and supply of refrigerators for the automotive, leisure and hospitality markets, therefore guaranteeing their commercial collaboration.
"We are very pleased that the shareholders of the Guangdong Tianhu A.M. investment fund have expressed a real interest in taking over our total participation. Our good relations are taking us to finalize an agreement with Guangdong Indelb that will proceed for the next few years," commented chief executive of Indel B Luca Bora. "Part of our products will continue to be manufactured in China. In the meantime, we will continue to improve and develop our potential on all the markets in which we operate, with a particular focus in Europe and America," added Bora.
(Source:Class Editori)
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