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Bohong Group Acquires Wescast Industries Inc.
Published:2012年07月14日  Source:Bohong Group   Views:

On July 13, 2012, Bohong Group, a company wholly-controlled by Bohong Group, announced its acquisition of Wescast Industries Inc. at a press conference in Chengdu.。

he conference was attended by about 240 persons including Liu Jie, Vice-governor of Sichuan Province, Jia Chengbing, Special Advisor of China Machinery Industry Federation and Honorary Chairman of China Foundry Association, Martin Cauchon, Former Justice Minister and Attorney General of Canada, Philipe Rheault, Consul General of Canadian Embassy in China, Yijun Song, Ontarian Representative in China, Ed Frackowiak, President of Wescast Industries Inc., Luo Qiang, Mianyang’s Party Secretary, Lin Shucheng, Mayor of Mianyang City, competent authorities from Sichuan Province and Mianyang City, main officials from China Development Bank and other branches of major banks in Sichuan, the central, provincial and municipal media, main partners of Bohong Group, vice-president and other cadres of Bohong Group.

On June 1, 2012, Bohong signed an agreement with Wescast Industries Inc., a 110-year-old company listed on the main board of Toronto Security Exchange in Canada, for a US$245 million buyout to take over Wescast’s seven factories and one research and development center in America, Canada, Hungary and China. An MOU was inked by both parties on September 13, 2011. I. It has been the largest-ever merger in Sino-Canadian history and the fourth largest acquisition in the automobile industry of China, serving as an important milestone in the development of Bohong Group and constituting a significant step forward for the globalization of Sichuan’s local enterprises. In the wake of the deal, an amount of 2.35 billion yuan will be invested into the auto parts industry of Mianyang by Wescast Industries Inc.。

This press conference and the contract signing ceremony have drawn close attention of relevant ministries of central government, Canadian government and relevant local authorities in Sichuan province and Mianyang city. Liu Jie, Vice-governor of Sichuan province, was present at the conference, and Jia Chengbing, Special Advisor of China Machinery Industry Federation and Honorary Chairman of China Foundry Association, also attended the conference and gave a speech.   

In addition, Zhang Meiying, Vice-chairman of CPPCC, Su Bo, Undersecretary of Ministry of Industry and Information Technology, and Gan Lin, Vice-governor of Sichuan province sent congratulatory messages to the signing ceremony.

This press conference has been reported in People’s Daily, People’s Daily Online, China Worker, China News, Sichuan Daily, SCTV, Huaxi Metropolis Daily, Chengdu Evening News, Tianfu Morning Post, Mianyang Evening News, Tencent, Sohu, Netease and other print, network and TV media.

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