If a 1.08 billion takeover "of the United States and Canada," agitation throughout the audio industry, after a few days later of 2800 million acquisition of "love for 威" even more industry saw Guangzhou ggec (002045 quotes, love unit funds) "plans are great too."
"Even the love wave, landscape, these brands are not down, the sound industry decline now. "Faced with domestic audio industry leader because of sudden large consolidation, leading the industry for the entire sound industry brought many fancy development prospects. Information Times reporter in the interview, not a "sale" sorrow, "sold" behind brings the entire sound industry's "faith," prospect.
The acquisition process: from cooperation to reorganization
9 July, a Guangzhou ggec listed on the announcement of a sound industry consolidation. Notice that the company intended to no more than the price of $ 1.08 acquisition Zhongshan North American acoustic development co., Ltd. 100% of the shares. Restructuring of the United States and Canada, audio, Guangzhou ggec will be solely entitled "love wave" and "AVLIGHT" registered trademark ownership; alone enjoy brand company owns all procurement, sales channels; alone enjoy brand company all patents, etc. Then in the July 31 announcement acquisition success, only separated by a few days later of 5 August, Guangzhou ggec also to 2800 million acquisition of "love for 威" sound. Sound industry because of sudden large consolidation.
Information times reporters interview, understand that the United States, Canada and the US, first love wave would like to purchase guoguang more professional speakers for its own brand, later both sides tall in mutual contacts sprouting up "to strengthen the idea of" audio industry, the party has been subsequently several months of negotiations.
"The entire purchasing process was very smooth," Guangzhou ggec securities business representatives informed the journalists that the main effort in the us prior to export, but also the idea of doing a domestic market, "If you do brand from scratch, the acquisition is the shortcut to the most appropriate way."
The United States and Canada sound original shareholder Chow Sik hung said, and Guangzhou ggec cooperation, because the company is at present the domestic Electronics listed companies really do sound enterprise. "Domestic sound enterprises are to strengthen and expand, we must follow the capital operation of roads. ”。
"Both at the regional division of labour and product lines are complementary," shenyin wanguo securities analysts believe that the two sides to cooperate successfully, and the United States and Canada can obtain Guangzhou ggec in acoustics, procurement and financial management support, and Guangzhou ggec can make use of the United States and Canada, the PRD and procurement networks and domestic sales channels and rapid development of the domestic market.
Purchase price: lurk 1.08 billion "expensive" and "cheap"
For the ultimate 1.08 billion purchase price becomes the industry's most controversial.
A bit reluctant to anonymous sound brand dealers in Guangdong Province, said that "for the basic purchasing price industry is divided into two factions, the prospects for the industry that pessimism of high prices, on the other hand has the profession of faith, I think the price is cheap."
"The prices for Guangzhou ggec too effective. "These people have pointed out that the love wave in early-stage investment for branding, advertising and promotion on or more than 1 billion. Former love wave CEO Cho Chung-Cheng (now the United States and Canada group responsible for 威 Les audio) while on final purchase price represents the views of the "inconvenient", but also on the way.
A press query July 9th Guangzhou ggec in Shenzhen stock exchange releases "acquisition agreement framework", "us-plus audio by 31 July to complete the brand of the company's assets, production line, business, sales channels, staff reorganization, completed after the reorganization of the United States and Canada, reproducing the paid-up registered capital shall be not less than $ 100 million. "This means that the United States and Canada sold to Guangzhou ggec of fixed assets is equal to 1 million to branded value basic not be taken into account. The electronic industry, said the love wave as audio industry unique trademark brand, trademark price more than 1 million, "the price is a sale."
Shenyin wanguo securities analyst believes that the acquisition of assets 2008 net profit 416 million in the United States and Canada, to the purchasing price 1.08 million, seemed too expensive. But consider the 2008 North American business is not working properly, and other factors, the actual purchase price in 6 ~ 7 times the city camp rates, pricing is reasonable. According to media reports, the love wave before the peak reached in 2000, pro shop, high-end audio market share has more than 30 per cent. "Nothing worthwhile not cost!"
Cho Chung-Cheng said that the key to the sustainability of bigger and stronger, it is the most important.
After the acquisition of development: brand?
Acquisitions have been agreed upon, the parties being "assets". But in the interview, this reporter has learned that the love wave, landscape, etc. brand sales operations are not affected at all. Not the sorrow of the "sold", the acquisition of more is to brand sales into the "confidence".
Love wave Guangzhou area sales manager Tang Rong told reporters, for specific acquisition process not know, but he said "I feel this is a good thing." In the interview process, the industry generally expressed the same view. But journalists call love wave competitors CAV CEOs Huang series, asked about buying things that "no response".
It is understood that the current was acquired after the love wave, landscape, wafer brand operating normally, from management to sales personnel had not yet been adapted. According to the announcement, the brand will remain from the original senior leadership to manage, it is expected that there will be a big adjustment.
"If you upset now sales channels, which have no meaning. "Landscape sound a bit reluctant to anonymous agents told reporters that the landscape of the sales network is very sound, which is fancy, if us upset these sales channels, or three brand integration package has to do, for, have no benefit to us.
"The acquisition of the United States and Canada is a strong Union. "Guangzhou ggec that professional audio development of impressive," multimedia, portable digital audio, the prospects are good. " Regulation in accordance with the publicAfter the completion of the acquisition, in addition to the United States and Canada, audio on the development of high gross profit margins high mid-range home theater audio and Hi-Fi speakers, will be developed for the second and third line cities and countryside of mid-range sound and with flat panel TV's home theater sound system. Multimedia Audio will also be the future of the United States and Canada, sound business major development.
Data
¡Ñ love Wave 2008 financial position: under its unaudited financial statements, the end of 2008, total assets and net assets of $ 2237.75 1008.02 million, 2008 main business income 5179.04 million, net profit 132.56 million.
• Landscape 2008 financial situation: according to the unaudited financial statements, the end of 2008, total assets and net assets of $ 4995.86 571.56 million, 2008 main business income 7774.72 million, net profit 12.90 million.
● Wafer financial situation 2008:, Zhongshan city, Guangdong Province, faith firm issued by the company's 2008 annual report on the corporate income tax identification, 2008 operating income 1452.92 million, total profit 270.92 million.
● Aiwei financial situation 2008:, Zhongshan aiwei 2008 annual financial statements, unaudited 2008 annual business income 1653.68 million, net profit 12.37 million, total assets at the end of the net assets of $ 466.00 64.09 million.
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