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Termination of the acquisition of shares in the German company Neway to force the valve market

 Last Update: 2022-06-18
 Source: Internet
 Author: User

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【Chemical Machinery Equipment Network Star Enterprise ] On September 17, Neway issued an announcement stating that the company had terminated the acquisition of 100% equity of Econosto Internationa l Holding (Deutschland) GmbH (hereinafter referred to as the "target company").

Star Enterprise of Chemical Machinery Equipment NetworkChemical machinery and equipment

Regarding the reasons for the termination of this acquisition, Neway said that due to the emergence and development of unpredictable events such as the epidemic since the beginning of 2020, the market environment has undergone major changes.
In view of this, after careful study, the company held the fourteenth meeting of the fourth board of directors on September 16, 2020, and reviewed and approved the "Proposal on Terminating the Acquisition of 100% Equity of Econosto International Holding (Deutschland) GmbH in Germany.
"

Neway shares stated that the termination of the transaction will not adversely affect the company's overall business development and continued operations, and will not harm the interests of the company and all shareholders.
At the same time, according to the purchase agreement, Neway will pay the seller 500,000 euros to compensate the seller and the target company for part of the losses suffered by the termination of the purchase agreement.

Since its establishment, Neway has always been committed to providing customers with a complete set of industrial valve solutions, and providing a series of products covering the entire industry for oil and gas, chemical, power and other industries.
The current product variety covers gate valves,Globe valve ,Check valve , ball valve, butterfly valve, regulating valve, API6A valve, underwater valve, safety valve and nuclear power valve series.
After 20 years of development, the company has evolved from a single factory management to a multi-factory management model based on product types.

Shut-off valveCheck valve

It is understood that in order to further expand the market share of Neway shares, in early December 2019, the company plans to acquire the target company with its own funds of 11.
3 million euros.
The target company is mainly engaged in trading, import and export of pipelines and boiler equipment.
The company and its holding subsidiaries are engineering general contracting solutions providers in the German oil, natural gas, electric power, shipping, air separation and petrochemical industries.
Its business covers valve spare parts storage, logistics and valve engineering consulting services, etc.
, and it belongs to Neway Same job.

With the advent of the Industry 4.
0 era, my country has gradually entered the new normal of manufacturing development.
Users have gradually improved valve products, technology, and service requirements.
The demand for valves in the valve market has gradually increased.
Neway has seized the industry development opportunities.
Further layout in the valve market.

In May 2020, the 40-inch ultra-low temperature top-mounted triple-eccentric butterfly valve delivered by Neway to a domestic ethane cryogenic storage tank project passed the rigorous cryogenic valve test at one time; in June, the cryogenic valve for liquefied natural gas passed the domestic appraisal ; In August, the three-way control valve in the propane dehydrogenation industry successfully delivered a single set of domestic propane dehydrogenation project with large capacity.
In addition, in the field of nuclear power, the company won the bid for the thermonuclear fusion reactor project.

　　In addition, in mid-June this year, Neway intends to issue convertible bonds no more than 700 million yuan to expand production.
Among them, 341 million yuan will be used for the Neway Fluid Tongan special valve factory project, and 200 million yuan will be used for the valve parts production project.
At present, the special valve factory has started construction in March 2020 and is scheduled to be completed in May 2021.
The first-phase output value will reach 1 billion yuan per year.

　　my country's valve market is huge, but there is a high degree of import dependence in the middle field.
Driven by the external situation, internal policy guidance, and technological progress, the autonomy of my country's valve market is expected to accelerate, and Neway shares are expected to welcome Come relatively fast development opportunities.

　　Original title: Termination of the acquisition of shares in the German company Neway to force the valve market

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