Landmark Austrian acquisition by Chinese motor manufacturer

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    PRC company, Wolong Holding Group (Wolong) has acquired insolvent Austrian electric motor manufacturer ATB Group (ATB). The transaction is valued at 101.5…

    PRC company, Wolong Holding Group (Wolong) has acquired insolvent Austrian electric motor manufacturer ATB Group (ATB). The transaction is valued at 101.5 million (US$) with Wolong gaining 98% stock rights, and is the largest ever Austrian acquisition completed by a Chinese enterprise.

    ATB owns 10 manufacturing bases in five European countries and has a wide-ranging sales network spanning Europe, Asia, America, Africa and Oceania. It declared bankruptcy in mid-2010 and underwent a self-administered restructuring.

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