Burckhardt Compression has announced that it has acquired the remaining 40% of Shenyang Yuanda Compressor.
The contract was signed on 25 January 2021, and closing is expected within the next two weeks.
In September 2020, Burckhardt Compression announced the signing of a memorandum of understanding to acquire the remaining 40% of shares.
Burckhardt Compression has owned 60% of Shenyang Yuanda Compressor since May 2016. The shares will be transferred with retrospective effect from 1 January 2021, meaning that Shenyang Yuanda Compressor’s total net profit from this date is attributable to the shareholders of Burckhardt Compression. The parties have agreed not to disclose the purchase price.
Shenyang Yuanda compressor employs approximately 650 employees in China and generated sales of around CHF 100 million in 2019. Since the initial interest in Shenyang Yuanda Compressor, the company has expanded into more segments of the market, the product portfolio has been broadened to address a wider range of market needs, and Burckhardt Compression has gained direct access to a well-established local supply chain. Compressors manufactured by Shenyang Yuanda Compressor have been available in selected export markets through the international distribution and sales channels of Burckhardt Compression since 2019.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/26012021/burckhardt-compression-acquires-remaining-40-of-shenyang-yuanda-compressor/
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