A handover ceremony was held in the United States on Monday after Chinese private Wanfeng Technology Group had acquired all stakes of U.S. industrial robot manufacturer Paslin for 300 million dollars.
The acquisition gives Wanfeng access to the advanced automated welding technology and clients that Paslin has developed over the past 80 years, and gives Paslin access to the huge market of China.
It will also create another 150 jobs in 2016 for Michigan. Paslin's managerial level and over 800 employees will retain their jobs.
Chen Ailian, board chairman of the Zhejiang-headquartered company, said at the ceremony that with the participation of Paslin, "(Wanfeng's) robot industry will soon exceed 10 billion dollars in terms of the production scale."
"Wanfeng's acquisition is a win-win," noted Wu Jinhua, CEO of Wanfeng.
Wang Yong, China's deputy counsel general in Chicago, congratulated the city of Warren on attracting a large amount of investment from China, saying "this will bring great benefits to the local economy and the local people."
Michigan Governor Rick Snyder said that the acquisition "is a wonderful win for all of us."
"Let's keep this going," he said.
For Michigan State Senator Steven Bieda, Wanfeng's acquisition unleashed "a new chapter on the journey of Paslin in Michigan."
"We live in a global economy, and we have a lot of interests in common ... integrated economy and investing in companies in both countries make a lot of sense," he said.
Established in 1937, Paslin is the world's leading supplier of welding robot application system and arc welding system. It is also expert at special welding and resistance spot welding, and provides automation system solutions to the U.S. auto and heavy-duty industries.
Founded in 1994, Wanfeng has businesses in such fields as auto parts manufacturing, robot and intelligent equipment, magnesium alloy and financial investment, with annual sales of 3 billion U.S. dollars.
In 2013, the company purchased Meridian Canada, the world's leading supplier of magnesium alloy auto parts. The purchase led to a 10-fold growth in the latter's yield in two years.
The state of Michigan enjoys a good business relationship with China.
