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Walsin Lihwa to sell its copper factory in Nanjing-2019 China(Guangzhou)Int’l Non-Ferrous Metal(Copper)Exhibition 5/31/2019 - Copper exhibition -non-ferrous metals expo |
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Taipei Times reported that power cable and stainless steel manufacturer Walsin Lihwa Corp is reducing its copper wire and bar business in China by selling a copper factory in Nanjing to one of its top three customers there. The company told shareholders that it decided to sell the factory for around NTD 6.4 billion (USD 203.5 million) to Gree Electric Appliances Inc of Zhuhai, China’s biggest air conditioner maker. The Nanjing factory produces 300,000 tonnes of copper wires and bars per year. It reported annual revenue of NTD 48.3 billion for last year, accounting for 25.3% of Walsin Lihwa’s total revenue, company data showed. The factory reported a net income of NTD 214.28 million for last year, contributing less than NTD 0.1 in earnings per share.
A Walsin Lihwa official told the Taipei Times that “The reason for selling our Nanjing unit is due to fierce competition in the Chinese copper market. Gree Electric Appliances has been seeking integration among its upstream and downstream suppliers, so it came to us as a cooperation opportunity.”
The official, who asked to remain anonymous, said the sale would not make Gree Electric Appliances its competitor in China’s copper business, as Gree is more centered on the Chinese market and Walsin Lihwa is more about foreign markets.
The official added that “The sale is still under review by the local government in China. The company is expected to book the profit next quarter at the earliest, or early next year at the latest.”
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