HUAHAI GROUP (CHINA) ACQUIRES MINING SPECIALIST OHE MINING TECHNOLOGY GMBH
The Chinese Beijing Huahai Machinery Corporation (Beijing, PR China) has acquired OHE Mining Technology GmbH’s entire business operations in Hattingen within the framework of an asset deal, effective April 30th, 2015. Under the terms of the agreement, the newly founded entity OHE Maschinenbau GmbH will retain all employees and continue operations at full-scale in Hattingen. Furthermore, all relevant assets and operative employees of OHE’s Chinese subsidiary lie also within the scope of the transaction. Amidst deteriorating political and economic conditions in Russia and increasing competitive pressure from China, OHE has filed for insolvency proceedings with the District Court of Essen on June 13th, 2014. Attorney Thorsten Klepper of Klepper & Partners has been appointed insolvency administrator. OHE Mining Technology GmbH develops and manufactures high-precision parts for the mining industry, in particular for shield support in deep mining. The multi-facetted product range most notably comprises hydraulic respectively electrohydraulic control systems as well as hydraulic valves. Through the integration of OHE, Huahai closes its last remaining capability gap en route to becoming the market leader in the rapidly growing Chinese mining industry with a now unique offering of comprehensive solutions for longwall mining. Huahai is planning to expand the existing technological capabilities in Hattingen in the medium- and long-term. The valve expertise within the Huahai Group is going to be represented by OHE going forward. R&D, construction and manufacturing will continue to be exclusively located in Hattingen. Moreover, OHE is going to benefit significantly from the integration into the comprehensive and continuously growing sales and service network the Huahai Group maintains in China. Huahai Group’s management has first learned of the particular investment opportunity during the “Invest in Germany” conference in Beijing in the fall of 2014, exclusively organized by perspektiv and WZR Beijing in cooperation with the Chinese Ministry of Commerce (MOFCOM). Subsequently, a holistic deal structuring and transaction implementation in consideration of financial, tax and legal aspects followed. Here, WZR and perspektiv have exclusively steered the entire cross-border M&A process.