Shanghai Electric
Assembly Line
Shanghai Electric Group to buy 50% stake in industrial robot maker Fanuc
Chinese multinational energy and industrial equipment manufacturer Shanghai Electric Group has received approval from the board to acquire a 100% equity stake in Ningsheng Industrial for around 3.1 billion yuan ($432.8 million) through its subsidiary Automation Group.
Ningsheng Industrial is the shareholding management platform behind Chinese factory automation solution provider Fanuc Robots and Fanuc International Trading, holding a 50% and 25% equity stake in the two, respectively, according to a recent exchange filing.
Fanuc International Trading is a joint venture between Fanuc Robots (Fanuc Robots and Ningsheng Industrial hold 50% and 25% equity interest in Fanuc International Trading, respectively), which is mainly engaged in international trade and re-exports in respect of industrial robot products, per the filing.
The acquisition will help Shanghai Electric Group and its subsidiary further the strategic layout of the automation equipment industry in the fields of lithium battery, photovoltaic, aviation, and automobile manufacturing.