On March 6, Punch Powertrain shareholders LRM, Gimv, Capricorn and New Horizon came to an agreement with the Yinyi Group on the sale of Punch Powertrain. The Yinyi Group will acquire 100% of the shares. The sale is subject to the usual procedural conditions.
Cor van Otterloo, CEO Punch Powertrain, on this transaction: “ In Yinyi Group we found the right partner to support us in the ambition to further grow and expand internationally. To achieve this ambition, our Belgian R&D team is set to further expand from around 300 engineers to around 700 in the coming five years. The operations team will also expand accordingly. This will allow the company to continue to develop new cutting-edge technologies. On top, plant capacity will jump from 300,000 to over a million units per year, both in Belgium and in China.”
In 2014 the Yinyi Group had a turnover of 7.6 billion EUR. The group is active in a wide range of industries such as mining, real estate, semi-conductors, aluminum rims for cars and airbag inflators. Chairman Xiong of YinYig explains :“The strong technology expertise and growth track record of Punch Powertrain combined with its Asian exposure, make Punch Powertrain fit perfectly with Yinyi’s strategy to diversify its activities and become a tier-one automotive system supplier”
The Yinyi Group fully supports Punch Powertrain’s business plan for the coming years. Both companies share the intention to become a global player. Punch Powertrain will maintain its name. There will be no changes to our organization, employees, management team or locations.