Fri, Jun 22, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer

MANUFACTURING

Sumeeko to buy Max Mothes

Sumeeko Industries Co Ltd (世德工業), which supplies fasteners for major automakers such as General Motors Co, yesterday said its board has approved a share purchase deal with Neuss, Germany-based Max Mothes GmbH. Sumeeko plans to spend 6.5 million euros (US$7.5 million) to acquire a 51 percent stake in Max Mothes, which manufactures and supplies screws, swivels and fasteners. The companies are scheduled to close the deal next month, Sumeeko chief financial officer Yan Pin (顏蘋) said. Kaohsiung-based Sumeeko expects its first overseas acquisition to help it strengthen its foothold in Europe, as Max Mothes also has a presence in Turkey, Austria, Belgium and Italy.

FOOD AND BEVERAGE

TTFB plans to add outlets

Restaurant operator Tai Tong Food & Beverage Group (TTFB, 瓦城泰統集團), whose flagship brands include Thai Town Cuisine (瓦城泰式料理), yesterday said in a statement that it plans to open 11 stores in Taiwan and four in China in the second half of this year. That would boost the number of its Taiwanese and Chinese outlets to 113 and 11 respectively by the end of the year, the statement said. The firm is also to collaborate with international restaurant brands to establish a new subsidiary, which aims to introduce foreign cuisine brands to Taiwanese consumers, TTFB chairman Charles Hsu (徐承義) said in the statement.

AUTOMOTIVE

Hotai to buy stake in Toyota

Hotai Motor Co (和泰汽車), which sells Toyota and Lexus brand vehicles in Taiwan, yesterday said in a filing with the Taiwan Stock Exchange that it plans to spend up to ¥22 billion (US$199.6 million) to purchase shares of Toyota Motor Corp. Hotai said it aims to strengthen collaboration with the Japanese auto giant and enhance its competitiveness through the share acquisition. The deal still requires approval from the Investment Commission, the car distributor said.

ACQUISITIONS

Chilisin to acquire Magic

Chilisin Electronics Corp (奇力新), the nation’s largest power inductor manufacturer, on Wednesday announced that it would acquire local peer Magic Technology Co Ltd (美桀) via a stock swap. The firm plans to acquire all Magic shares at a ratio of one Magic share per 0.503 Chilisin shares. The NT$4.06 billion (US$134 million) deal is expected to be completed on Nov. 30 after receiving regulatory approvals and could boost Chilisin’s market share in the global inductor market to about 13 percent — 1 percentage point less than the market share of the top three makers: TDK-EPC Corp (13.42 percent), Murata Manufacturing Co Ltd (13.78 percent) and Taiyo Yuden Co Ltd (13.22 percent). Chilisin shares yesterday closed up 0.29 percent at NT$173.5 and Magic shares rose 9.94 percent higher to NT$79.6 in Taipei trading.

TECHNOLOGY

FII shares continue to fall

Foxconn Industrial Internet Co (FII, 富士康工業互聯網), a subsidiary of Hon Hai Precision Industry Co (鴻海精密), yesterday saw its shares decline for a fifth straight session on the Shanghai Stock Exchange, closing down 8.51 percent to 18.17 yuan. FII has tumbled more than 30 percent from its peak of 26.36 yuan just a week earlier, wiping out 148.699 billion yuan (US$22.897 trillion) from its market capitalization. The firm, which makes electronics, cloud-computing service equipment and industrial robots, debuted its shares in Shanghai on June 8 at 13.77 yuan. Hon Hai holds an 84.8 percent stake in FII.

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