Chinese robotics maker acquires Paslin
April 25, 2016 Category Mergers & Acquisitions, Weekly
Chinese robotics maker Zhejiang Wanfeng Technology Development Co has acquired Paslin, a U.S. robotics firm focused on the automotive sector, for USD302 million. Wu Jinhua, Wanfeng’s Chairman and CEO, said: “Paslin has accumulated advanced technologies and client groups in the field of automated welding in North America, and this acquisition could not only help Paslin realize its globalization, but also enhance Wanfeng’s competitiveness in industrial robot system integration technology.” The company’s robotics business could exceed USD10 billion in the future, considering the huge demand for robots in the Asian market. Established in 1937, Paslin is the world’s leading provider of welding robot application systems to the global automotive and heavy industries market. Founded in 1994, Wanfeng’s parent, Wanfeng Auto Holding Group, has interests in auto parts manufacturing, industrial robots, intelligent equipment, aviation and financial services. In 2013, the group purchased Canada’s MLTH Holding, the world’s leading manufacturer of magnesium alloy auto parts for CNY1.1 billion. Statistics from the International Federation of Robotics show that sales of industrial robots reached 57,000 units in 2014 in China, accounting for one-fourth of global sales. China has become the largest industrial robots market for the three consecutive years since 2013, the China Daily reports.
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