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Yesterday evening, Boshen Tools (002282, closing price of 14.59 yuan) announced that the company will change part of the fundraising use for foreign investment, and plans to acquire a Canadian professional at a price premium of 2.05 million Canadian dollars ($13.26 million). Diamond manufacturing distributor 100% equity of CYCLONE. Insiders pointed out that while effectively exploiting the North American market, the company extended the production line of some high-end products to Canada and played a positive role in effectively reducing US anti-dumping risks.
Since last year, Boshen Tools has been at the forefront of US anti-dumping investigations. According to the data, the diamond circular saw blades and components exported by the company from the United States began to pay 35.51% of the import tariff deposit from November 2009. In 2009, they paid $227,900, and in the first half of 2010, they paid $917,200. And the US Department of Commerce will review it in November 2010, and the final anti-dumping tax rate is likely to be higher than the current level.
In this context, the company resolutely changed its original plan and directed overseas development to CYCLONE in Canada. The announcement shows that the company has changed part of the capital use of the previous high-performance laser welding professional diamond tool technology transformation project, 13.26 million yuan to acquire the equity of CYCLONE company, 7.14 million yuan to increase its capital, and purchase laser welding machine and other production equipment.
According to reports, CYCLONE has more than 30 years of operating history, specializing in the manufacture and sale of professional-grade diamond saw blades and hollow thin-walled drill bits. In addition, it also sells wall saws, chain saws, professional drilling rigs and other related tools and equipment. It is well-known in Canada. Diamond tool manufacturer and distributor, "CYCLONE" brand is a well-known brand in the Canadian diamond tool industry. As audited, as of December 31, 2009, CYCLONE's total assets were $1,697,000, and its net assets were $1,125,200. In 2009, it achieved sales of $2,277,000 and net profit of $139,900. The premium for the acquisition of Boshen Tools is 82.19% of its net asset value.
The background of CYCLONE and the Boshen tool are exactly the opposite, and the premium acquisition is not difficult to understand. Boshen Tools said that the premium acquisition mainly considers its brand, technology, sales channels and profitability. The company will make full use of its brand's local popularity, expand its sales share in the North American market, and play its high-end diamond tool manufacturing. Ability to realize the transition of ODM to independent brands, further improve the company's product structure, and improve the product level of the company's high-end professional diamond tools.
Insiders pointed out that the company's move can be described as a stone, not only successfully opened up the North American market, transformation of product structure, it is worth mentioning that the company will put some high-end, professional products in Canada for production, through its sales to the United States For the curve to evade anti-dumping policies, it has a positive effect on reducing US anti-dumping risks.
Since last year, Boshen Tools has been at the forefront of US anti-dumping investigations. According to the data, the diamond circular saw blades and components exported by the company from the United States began to pay 35.51% of the import tariff deposit from November 2009. In 2009, they paid $227,900, and in the first half of 2010, they paid $917,200. And the US Department of Commerce will review it in November 2010, and the final anti-dumping tax rate is likely to be higher than the current level.
In this context, the company resolutely changed its original plan and directed overseas development to CYCLONE in Canada. The announcement shows that the company has changed part of the capital use of the previous high-performance laser welding professional diamond tool technology transformation project, 13.26 million yuan to acquire the equity of CYCLONE company, 7.14 million yuan to increase its capital, and purchase laser welding machine and other production equipment.
According to reports, CYCLONE has more than 30 years of operating history, specializing in the manufacture and sale of professional-grade diamond saw blades and hollow thin-walled drill bits. In addition, it also sells wall saws, chain saws, professional drilling rigs and other related tools and equipment. It is well-known in Canada. Diamond tool manufacturer and distributor, "CYCLONE" brand is a well-known brand in the Canadian diamond tool industry. As audited, as of December 31, 2009, CYCLONE's total assets were $1,697,000, and its net assets were $1,125,200. In 2009, it achieved sales of $2,277,000 and net profit of $139,900. The premium for the acquisition of Boshen Tools is 82.19% of its net asset value.
The background of CYCLONE and the Boshen tool are exactly the opposite, and the premium acquisition is not difficult to understand. Boshen Tools said that the premium acquisition mainly considers its brand, technology, sales channels and profitability. The company will make full use of its brand's local popularity, expand its sales share in the North American market, and play its high-end diamond tool manufacturing. Ability to realize the transition of ODM to independent brands, further improve the company's product structure, and improve the product level of the company's high-end professional diamond tools.
Insiders pointed out that the company's move can be described as a stone, not only successfully opened up the North American market, transformation of product structure, it is worth mentioning that the company will put some high-end, professional products in Canada for production, through its sales to the United States For the curve to evade anti-dumping policies, it has a positive effect on reducing US anti-dumping risks.
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