LOS ANGELES, July 16, 2011 /PRNewswire/ -- China Auto Parts and Accessories Capital Holding, Ltd. (CAPACH) announced today that it successfully acquired Century Automotive Mfg., Inc. (CAM), a prominent supplier of auto parts and components in the U.S. The acquisition has been completed through an equity restructuring. The signing ceremony was held at the headquarters of Century Automotive on July 10th. in Los Angeles with the announcement made jointly by Dr. Zhang Houqi, Vice President of state owned China Auto Parts and Accessories Corporation and Chairman of CAPACH, and Mr. James Zhou, CEO of CAM.
Century Automotive Mfg, Inc. is a prominent auto parts supplier that focuses on automotive chassis system integration and auto parts and accessories development. It has a global sales network and has set up close ties with major OEM suppliers and top auto makers worldwide. Its technology research and development center, located in Detroit, integrates engineering R&D, tech support, and OEM sales. The center can synchronize its research and development with global auto OEMs and suppliers using its cutting edge technology, rich data bases and complete testing and measuring capabilities.
The acquisition and restructuring of Century Automotive by CAPACH will speed up the advance of China's automotive parts and components industry into the mainstream global automotive business while providing Century Automotive with broad based product line of high quality automotive parts and components. It will also serve as a solid base for future development in China and will help Century Automotive Mfg. further expand in global markets.
CAPACH is a capital and equity holding company with leading position in China auto parts industry, which focuses on M&A, restructuring and equity management in global auto industries. It has rich resources and influence in industry where it represents thousands of auto parts and components companies in China.
As part of this transaction, Dr. Houqi Zhang will take the position of chairman of the board. Dr Zhang, among his many accomplishments, led the purchase of IBM's personal computer business in 2004 by the Chinese government. The company, now known as Lenovo, is one of the most successful personal computer providers and Top 500 enterprises in the world.
Dr. Zhang Houqi commented: "The China automotive industry has grown steadily in the past and now is on track to become a global auto making power. This transaction is an important step for the China automotive parts and components industry to achieve the goals of innovation and growth. Century Automotive has substantial global marketing capabilities and will greatly help to increase the value of China auto parts and components in world markets."
SOURCE Century Automotive Mfg., Inc.