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Han Jie, the general manager of Xinda, said in a recent interview in New York that it is now the best time for companies to acquire in the United States, because many companies under the financial crisis are already at a “beneficial†price.
Han has already had talks with some U.S. companies, but he said that he could not reveal more details in the early stages of the acquisition. He said: "Our plans for acquisitions in the United States are still in their infancy. However, the company will continue to expand its scope and actively seek suitable acquisition targets. At present, our goal is to have smaller or similar companies."
Han said that one of the company's board members had successfully acquired the M&A banker of the Avis car rental company. “I hope we can avoid economic and policy mistakes and successfully complete the transaction,†said Han Jie. "We are determined to seize this golden opportunity to establish the company's international status and establish international business."
Xinda has been providing order development, production and after-sales service for modified plastics for Audi, Hongqi, VW Golf, Mazda6 and other auto brands. In the United States, its competitors include large companies such as Dow Chemical, DuPont, and PolyOne, as well as Washington Penn Plastics of similar size to Xinda.
Although it has begun to explore the U.S. market, Xinda’s domestic acquisition has not stopped. According to the company’s chief financial officer, Taylor Zhang, the company has reduced its domestic acquisition target to four small businesses in the northeast.
At the end of the month, Xinda's Standard & Poor's data began to show that Xinda has achieved an annual output of 70,000 tons, and the output in 2008 was 40,000 tons. It is estimated that by 2010 the company's annual output will reach 100,000 tons.
"Our strategy is to expand our product range." Han said, "More specifically, (we will) add more high-end products such as modified nylon and a high-performance anti-friction plastic to make cars and other mechanical parts. The ideal material." He also mentioned that the company's products may be used in the oil exploration industry.
An investment conference organized by the investment bank Rodman & Renshaw and attended by many Chinese company officials listed in the United States, Mr. Zhang briefly introduced the company's future development plan. Xinda Company was listed in the United States in December last year.
In recent years, China has surpassed the United States as the world's largest auto market because of the increased purchasing power of Chinese consumers.
The company's analyst Eric Wold believes that China has already built up its power and will grow strongly in the second half of 2009 and 2010. He said that the Chinese government may introduce measures to reduce imports, and the market demand for auto parts may be far higher than expected.
The bullish car sales will stimulate demand. Han said that according to Mike DiGiovanni, general manager of GM’s global market and industrial analysis, China’s car sales in 2009 may exceed 10.7 million.
Han believes that the company's research center is an important part of the company. "Utilizing this high-tech research center, we plan to enter into higher-value-added market segments, focus on the research and development of other uses of modified plastics, and will develop more high-value-added products," he said.
General Wesley Clark, the retired U.S. Army general and chairman of the board of directors of Rodman & Renshaw, believes that the Chinese stock market will usher in a new market because investors are still very interested in emerging markets.
“China is very attractive to U.S. investors, and growth-oriented Chinese stocks listed in the U.S. have performed outstandingly,†said Clark. “By revitalizing the economy, technology, and expanding the workforce, China can continue to develop; at the same time, the United States is also looking for It will create opportunities for outsourcing technology. The two countries can fully complement each other.â€
ChinaXDPlastics, headquartered in the Harbin Development Zone in Heilongjiang Province, is China's largest manufacturer of automotive modified plastics. The company is currently looking at and looking for acquisitions in the United States to expand its product range.