Hollysys Automation Technologies Ltd., provider of automation and control technologies and applications in China, today announced it has completed its acquisition of Concord Corporation Pte Ltd. and its group of companies (CCPL) for approximately $43.2 million.
Headquartered in Singapore, CCPL provides electrification related services to rail and industrial industrials in South-East Asia and the Middle East. Hollysys said it expects the acquisition to generate increased cross selling of its existing product lines in CCPL’s target markets.
“We are very pleased to have closed the acquisition of CCPL. The seasoned and high-caliber management team will remain intact, and the daily operation of CCPL will not be impacted by the acquisition transaction,” Dr. Changli Wang, CEO and chairman of Hollysys stated in the press release. “CCPL has demonstrated its penetration and execution capability in its years of strong track record and will continue to expand its footprints in Southeast Asia and Middle East with Hollysys as its backbone supporter.”
Chim Swee Yong, group executive chairman of CCPL, said the company has received positive feedback from its clients and employees regarding the acquisition and that it anticipates continued growth leveraged by Hollysys’ brand name and R&D, customization and production capability.
The total payment for the acquisition is a combination of approximately $33.5 million cash and approximately 1 million shares of Hollysys common stock.
For more information visit www.hollysys.com