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Chinese trailer giant moves in on Dutch firm
Page 10
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There's a new player in the Euro trailer market and ifs aiming for the
top. Brian Weatherley reports.
CM EXCLUSIVE CHINA INTERNATIONAL Marine Containers (CI MC) aims to be the world's largest trailer manufacturer by 2008. Now it's taking its first major step into Europe by snapping up Burg Industries, the Dutch trailer, bulk tank and container maker which owns the LAG and I iobur brands.
A draft agreement has been signed between CNC and Cees and Peter van der Burg, the shareholders of Burg Industries BV. They plan to establish a joint company. NEWCO, which will ulti ma t,..11. own 1(X)% of Burg. whose assets are valued at €110m.
If the deal is approved by Chinese and EU officials Cl MC will own 75% of the entire issued share capital of NEWCO and will have majority control. The Burg brothers will hold the remaining 25%.
CIMC's plan to be the world's largest trailer manufacturer by 2008 is ambitious but not unachievable. Its plants in China and North America are producing 48.(XX) units a year.This puts it on a par with North American manufacturer Wabash and within striking distance of global leader Great Dane. which builds 55.000 trailers a year in the US.
CIMC predicts "an improvement of its existing product range in mainland China through technology transfer in the field of road transport equipment.
It will also gain access to the Burg Group's trailer and hulk container manufacturing resources: in 2005 Burg built 3.000 trailers.
Burg president and CEO Cees van der Burg is not saying if Chinese-built CIMCtrailers would be sold or assembled in Europe, but insists:"I think it's an excellent synergy.