Chinese Machine Tool Group Acquires German Aba z&b

Following one year of negotiation, China's machine tool giant, Hangzhou Machine Tool Group has recently signed an agreement to acquire 60% of share of abs z&b Schleifmaschinen GmbH, a leading German grinding machine tool builder. It is believed that the acquisition will facilitate the development of Hangzhou to be one of the world's top brands as well as aba z&b's expansion in the China market. Under the agreement, Hangzhou will possess 60% of aba z&b's ownershhip. The Chinese and German sides will further invest in a ratio of 6:4 to double the company's capital value. Apart from integrating sales network and database of the two groups, an R&D team consisting of technicians from both sides will be formed in the new product and technology R&D center in Germany. Moreover, the two groups will build a new joint venture in Hangzhou, China, providing sales and final machining, assembly services for high-tech products in special applications.