Wonder Auto Tech. (WATG) Agrees to Acquire Contral Stake of Jinan Worldwide Auto Parts Company
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Wonder Auto Technology, Inc. (Nasdaq: WATG) today announced that on October 1, it entered into an agreement to acquire the control stake of Jinan Worldwide Auto Parts Company.
Wonder Auto will pay a total cash consideration of RMB80 million for 65% in JWAA. The price will be adjusted downward or upward if JWAA's audited net income for the 12 months ended December 31, 2008 is lower than RMB19.48 million, or higher than RMB22.88 million. JWAA is currently the largest engine valve and tappets manufacturer in China. Its customers include some well-known automakers and engine manufacturers, including Shanghai VW, Tianjin Toyota, Ford Motor of the U.S., FAW Auto, Chery Auto, Geely Auto, Cummins Engine, Weifang Diesel Engine, and Shanghai Diesel Engine.
Wonder Auto Technology, Inc., through its subsidiaries, engages in the design, development, manufacture, and sale of automotive electrical parts in the People's Republic of China.
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