HENGERDA(SZ:300946)2025-05-12 12:54Group 1: Acquisition Overview - 恒而达 discovered SMS company during market research and equipment selection, leading to the acquisition due to SMS's financial difficulties and operational challenges [3][4] - The acquisition involves purchasing SMS's assets valued at approximately €8.4 million, with the final transaction price set at €8.5 million [10] - The acquisition aims to integrate SMS's high-precision CNC grinding technology into 恒而达's product matrix, enhancing innovation capabilities [14] Group 2: SMS Company Profile - SMS was founded in 1995 and is registered in Germany with a capital of €100,000 [4] - The company specializes in CNC grinding technology, particularly for thread grinding machines, and has a strong reputation in Europe and Asia [5][7] - SMS's product range includes various models for internal and external thread grinding, as well as specialized tools for gear cutting [6] Group 3: Clientele and Market Position - SMS's clients include leading international companies in precision tool manufacturing and gear processing, such as Sandvik and Gleason [7] - The company has established a strong market presence due to its high processing accuracy and efficiency [14] Group 4: Strategic Rationale for Asset Purchase - The decision to purchase assets rather than equity was made to mitigate risks associated with legal and financial uncertainties during SMS's operational difficulties [8] - This approach is common in Germany and aims to ensure business continuity and employee stability [9] Group 5: Future Plans for SMS - 恒而达 plans to revitalize SMS by leveraging its customer base in China and optimizing the supply chain to reduce costs [12][13] - The strategy includes enhancing production efficiency and accelerating the development of new products [13] Group 6: Risks and Stability - The acquisition is subject to necessary approvals from relevant authorities, which poses a risk to the transaction [17] - 恒而达 has committed to maintaining SMS's existing organizational structure and workforce to ensure stability in research and development [18]