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Wuxi Taiji Industry Co Ltd Acquires Subsidiaries Of EEMS Italia SpA In China

Tuesday, 30 Oct 2012 05:35am EDT 

EEMS Italia SpA announced that Wuxi Taiji Industry Co, Ltd expressed interest in the acquisition of the assets and liabilities held by the EEMS Suzhou Co Ltd and EEMS Suzhou Technology Ltd, a company controlled by EEMS Italia through its subsidiary EEMS China Pte Ltd. In this regard EEMS Italis SpA and Wuxi Taiji Industry Co, Ltd in China have signed a framework agreement on October 28, 2012, in which they established the structure of the possible transaction, and which bears a preliminary indication in the fair value of this transaction equal to USD 45 million. The value of the transaction, as well as how to implement it, are still subject to possible adjustments and changes. The transaction, which is subject to possible finalization of the Board of Directors of EEMS Italis SpA and Taiji as well as the approval of the pool of creditor banks. 

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