A few days ago, the reporter was informed at the 7th General Meeting of China Dyestuff Industry Association that Zhejiang Longsheng Group Co., Ltd. took advantage of the acquisition of DyStar as an opportunity to complete the internationalization of the dye R&D system and sales network and realize the additional value of dye products. Promote. According to the company's executive deputy general manager Xiang Zhifeng, Zhejiang Longsheng's dye production has been the world's number one since 2009, but it is still far from the world leader in dyes. The acquisition of DyStar truly brought Zhejiang Longsheng to the world, making Longsheng a veritable global dye leader.
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Before the collapse, DyStar was the world's largest dye supplier, accounting for approximately 21% of the world's market share. It has 18 plants in 12 countries and has more than 1,800 patents. In 2008, its sales revenue was approximately 800 million Euros. In 1995, Dystar was formed by the merger of Germany's Bayer AG and the dye division of Hearst in the history of dye production in the past 100 years. In November 1999, the textile dyes and pigments division of Germany's BASF also joined in the formation of the new DyStar, and was officially launched on October 1, 2000. In August 2004, U.S. Platinum acquired DyStar’s shares from Bayer, Hearst and BASF, the three largest shareholders of DyStar.
After the outbreak of the financial crisis in 2008, DyStar fell into a dilemma of lack of liquidity and the capital chain broke. On September 28, 2009, DyStar Germany's company went bankrupt. On February 4, 2010, KIRI of India completed its acquisition of DyStar twice through its subsidiary KIRI of Singapore. The acquisition divests all debts of the German headquarters of DyStar.
“At first, everyone thought that Indian companies had DyStar. In fact, Longsheng is DyStar's largest shareholder.†Xiang Zhifeng told reporters that Longsheng invested EUR 22 million in the early 2010 to subscribe for convertible bonds of Singapore’s KIRI Corporation. , the agreement can be converted into shares at any time within 5 years. After the debt is converted into shares, Longsheng will hold a 62.4% stake in Singapore KIRI. In other words, Longsheng and KIRI of India are the two major shareholders after DyStar reorganized, and Longsheng is the controlling shareholder. At present, there are five directors in Singapore's KIRI company, and Longsheng holds three. According to Dyda's book value of net assets of 286 million euros, Longsheng owns 62.4% of the shares equivalent to the acquisition of 178 million euros of assets, that is, Longsheng acquired assets by 12% of Drake's book assets, and d Up to the headquarters of all debt and uncontrollable risks of the union. As a result, Longsheng’s acquisition of DyStar’s net asset value exceeded 150 million euros.
Xiang Zhifeng stated that in the more than one year since the acquisition of the early last year, Longsheng and DyStar have been working on the integration of culture, legal system, language, and business model.
This year, Longsheng has restructured DyStar's global business processes, including optimization of human resources and global capacity transfer. The focus is to complete the restructuring of German and European companies, including business integration, R&D, reassessment, positioning and streamlining of various departments. It also ensured the smooth operation of a factory in India, ensured the safe operation of two factories in Germany, completed the expansion and reconstruction of a factory in Indonesia, initiated the transformation and expansion project for the Nanjing factory, and strengthened the production, supply, sales, research, and service. Manage and optimize the structure of global factories, improve efficiency, reduce costs and other measures.
After the acquisition of DyStar, Longsheng set up a Dresdner Affairs Office to set up legal, administrative, and business management departments to handle relevant affairs and achieved good results. For example, in terms of procurement, Longsheng has established Zhejiang Dystar Corporation and India Dystar Corporation. Because the vast majority of raw materials, semi-finished products and finished products that Destar purchases globally are ordered in China, China's purchase volume accounts for 60%, and India's purchase volume accounts for more than 30%. The sales reform started from September this year. They first started from China and the sales model will adopt a new model.
Xiang Zhifeng said that the acquisition of DyStar for Zhejiang Longsheng has the following three aspects of good.
First, the risk of mergers and acquisitions is effectively controlled. This acquisition is different from the practice of acquisition of international companies commonly used by domestic companies. The company controlled the risk to the lowest value through convertible bonds in the acquisition. First of all, from the prudence point of view, the convertible bond approach guarantees that the company will lock the risk within a certain range after making a quick decision. Second, from a financial point of view, on the one hand, DyStar will not be dragged down by the consolidated statements because it has not yet made a profit. On the other hand, it can quickly achieve performance improvement after DyStar's earnings through the conversion of consolidated statements.
The second is rapid development of technology research and development. DyStar was a market leader before bankruptcy, and its technology and services were widely recognized in the industry. After the completion of this transaction, the business cooperation and technical exchanges between Longsheng and DyStar will be more frequent. It will effectively enhance Longsheng's R&D technology and service level, and promote the company's full integration in project design, technology research and development, and services. And promotion.
DyStar has extensive sales channels and technical support. With the development of DyStar's global network, Longsheng can realize the expansion of existing businesses such as dyes, dye intermediates and water reducers to overseas markets, thereby further enhancing the company's continued profitability and long-term development potential.
The third is to control the pricing of dye products. After the completion of the acquisition, the company will become the world's leading dye enterprise. Longsheng's own market share, coupled with Dresdner's 21% share of the world's dye market, Longsheng has enough right to position the product price.
"At present, DyStar's business integration is continuing, and it is gradually on the right track. In the first half of this year, sales revenue reached 294 million euros and realized a turnaround." Xiang Zhifeng is very pleased.
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