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Acquisition of Brno Ekol by Chinese company ShaanGu

The Chinese engineering company Xi'An Shaangu Power has acquired the 75 % stake in one of the leading Czech turbine manufacturers, the Brno company Ekol. The company has an option for the remaining stake which can be used within three to six years following the acquisition.

The companies signed the agreement at the Brno New City Hall on Thursday 22.1.2015. The Chinese company has paid 1.34 billion crowns for the majority stake.

This is the first case where a Chinese publicly tradable company acquires a Czech company. The reason for the sale of Brno Ekol is among others the age of its present owners and the efforts to find a partner that would further develop the company on a global scale.

The present majority owner of Ekol, Stanislav Veselý, said during the signing of the agreement on Thursday that both companies have identical strategic intentions. He mentioned for example the interest of transition from piece production to deliveries of whole power plants or heat & power plants.

"We do not only want to deliver our products but also our services, for example to build and commission a power plant. Shaangu is able to finance such projects," said Veselý. It will be possible to reduce production cost after the acquisition and thus to compete with other companies on the Asian market. Veselý will remain in the position of general manager of Ekol.

Both engineering companies want to jointly establish a research & development center for the development of compressors, steam turbines, gas turbines, boilers and power engineering equipment. Thanks to the project they will cooperate with the Technical University of Brno and other technical universities in the Czech Republic and abroad. Czech and Chinese specialists will work in this new center.

Ekol ranks among the leading Czech turbine manufacturers. Its sales achieved 1.5 billion crowns in the year before last. The substantial part of its production is intended for export.

Ekol should supply to Shaangu specific steam turbines for the drive of compressors and for the drive of complete technological units that are supplied to the Asian market by the Chinese company.

ShaanGu is the largest Chinese producer of industrial compressors and one of the largest Chinese companies oriented to deliveries to power engineering, metallurgical and petrochemical industries.

According to the chairman of the Board of Directors of ShaanGu the acquisition of Ekol is part of the global strategy of the Chinese company. The company wishes to become one of the leading world producers and suppliers in the field of turbines and heat and power plant units.

Based in Si-an, the capital of the Shen-si province in Central China, Shaangu Power manufactures compressors, turbines and other equipment for power engineering and industry. The company is part of the Shaanxi Blower Group.

In 2013 ShaanGu Power achieved a turnover of 805 million Euro and a net profit of 117 million Euro. The company is publicly tradable on the Shanghai stock market.