China Auto Parts Supplier Nexteer Becomes a Listed Corporation

On October 7, the world-known auto parts supplier Nexteer Automotive Group Limited (jointly acquired by Beijing Economic-Technological Development Area and Aviation Industry Corporation of China) was officially listed on the Stock Exchange of Hong Kong Limited and successfully raised a fund of HKD 2.3 billion. This is the largest overseas acquisition so far in the China auto parts industry. According to sources, Nexteer is a century-old multinational auto parts corporation with 20 manufacturing plants, 10 customer service centers, and 5 regional application egineering centers in the globe. It is the Tier 1 supplier for steering and transmission system. Plus, it is the No.1 steering system supplier in the US, and No.5 in the world. It is also the No.3 supplier of half shaft in the world. Nexteer has over 50 high-quality clients from all over the globe including top 10 whole car manufacturers in the world ranking. In 2012, its revenue was USD 2.2 billion with net profit of USD 57 million. Its net profit is expected to breach USD 100 million in 2013.