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EEMS Italia SpA Completes Operation Divesting Subsidiaries in China to Wuxi Taiji Industry Co Ltd


Monday, 3 Dec 2012 05:02am EST 

EEMS Italia SpA announced that the operation announced to the market on October 30, 2012, whose guidelines were established in the preliminary agreement between Wuxi Taiji Industry Co Ltd (Taiji) and EEMS Suzhou Co. Ltd. (EEMS Suzhou) and EEMS Suzhou Technology Ltd (EEMS Tech), controlled by EEMS Italia through its subsidiary EEMS China Pte Ltd., was completed on December 1, 2012. Among other things this agreement provides for the sale to Taiji of the assets and part of the liabilities of EEMS Suzhou Co. Ltd. and EEMS Suzhou Technology Ltd. at an initial price of USD 45 million, subject to an adjustment mechanism based on the results and balance sheet of EEMS Suzhou and EEMS Technology at December 31, 2012. The closing of the deal, which is however subject to the approval of the Boards of Directors of EEMS Italia and Taiji as well as that of the syndicate of lending banks, is expected to take place by December 31, 2012. 

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24 Oct 2014