IN BRIEF (Page 24)

NHI agrees M&A deal with The Robbins

Northern Heavy Industries Group finalized a merger and acquisition deal with US-based The Robbins Co on June 28 in Shenyang, capital of Liaoning province. The merger is expected to sharpen state-owned NHI's competitive edge and revive the manufacturing sector in the old industrial base in China's northeastern rust belt.

Zeavion to buyeducation business

Chinese-led company Zeavion Holding announced on June 28 that it will purchase the early childhood development business of Gymboree Corp, a global provider of children's apparel and early education programs based in San Francisco. The deal is worth $127.5 million and could be completed by mid-July.

Novartis Shanghai R&D center targets disease

Switzerland-based Novartis Oncology will put more focus on drug research and on developing targeted treatments for the diseases that most affect Chinese people at its newly inaugurated R&D center in Shanghai, company president Bruno Strigini said. The center, opened this month at a cost of $1 billion, is one of the global pharmaceutical company's three major R&D centers worldwide.

Slovakia opens center for Chinese firms

A new business center mostly for Chinese companies was opened in Senec, western Slovakia, on June 28. Among the first companies coming to Senec were manufacturers of lighting, soy products, skates and avionics systems. The administration-logistics center, covering 10,000 square meters, is divided into sections for technology, food, retail and exhibitions.

Shanghai investor nets stake in Timberwolves

Lizhang Jiang has taken a 5 percent stake in NBA team the Minnesota Timberwolves, weeks after he took control of a Granada-based club playing in Spain's top football league. Jiang, general manager of Shanghai Double-Edged Sports, made the investments "out of personal interest, as he has a strong passion for sports after working so many years in the sports marketing business in China", a spokeswoman for the company said.

GE China procurement to hit $10b around 2018

General Electric will double its procurement from China to $10 billion by around 2018 and deepen cooperation with Chinese partners to implement its comprehensive localization strategy. "Comprehensive localization, helping Chinese find global partners and digitization will be our strategy in China in the next five years," Duan Xiaoying, CEO of GE China, said on June 27. The company, she added, has localized its market and sales in China, and it needs to be more localized in procurement, research and development, manufacturing, service and operation.

Uber eyes smaller cities to take on rival

Ride-hailing app Uber is looking to expand further into China's smaller cities, where business has been growing faster than in top-tier cities, CEO Travis Kalanick said during the World Economic Forum in Tianjin. Uber has announced plans to expand its ride-hailing service to 100 Chinese cities this year. It now operates in nearly 60 cities, including many smaller cities also targeted by domestic rival Didi Chuxing.

Pfizer bolsters presence with biotech plant

New York-based drug maker Pfizer Inc said on June 28 it will invest $350 million in Hangzhou on a plant for biotechnology drugs, bolstering its presence in the world's second-biggest pharmaceutical market despite slowing economic growth in China and rising pressure on medicine prices. The new facility is expected to be completed in 2018 and will manufacture biologics, complex medicines made from living organisms, and bio-similars for patients in China and across the world. The products from the plant will address major public health concerns such as oncology, the drugmaker said without naming specific drugs.

Chinese firm to build wind farm in Djibouti

Djibouti Energy Minister Yacin Houssein Bouh on June 27 met with a Chinese delegation to discuss cooperation in renewable energy, including construction of a wind farm. The minister said the project is in line with the government's policy of achieving energy independence based on renewable energies. He said his country hopes to become the first African country using 100 percent green energy by 2020. The head of the Chinese delegation from China Civil Engineering Construction Corp, Damien Geng, expressed the company's desire to support Djibouti's energy development process.

Robotics giant Kuka backs share bid by Midea

Midea Group Co, China's biggest home appliance maker, has signed a deal to be the biggest shareholder in German industrial robotics group Kuka AG, the Chinese company announced on June 29. Both parties agreed to Midea's 115 euros ($127) a share bid, which valued the German group at about 4.6 billion euros.

Alipay could take stake in Germany's Wirecard

Wirecard AG is negotiating with representatives of Alipay, a unit of Chinese e-commerce giant Alibaba Group Holding Ltd, about taking a stake of up to 25 percent in the German banking software company and possibly more later, Bild am Sonntag reported, without citing its sources. A Wirecard spokeswoman declined to comment on the specifics of the report but confirmed that the company is in strategic talks with various partners.

Waldorf Astoria to close for conversion work

New York's landmark Waldorf Astoria hotel is scheduled to close in spring 2017 so owner Anbang Insurance Group Co can begin converting most of the more than 1,400 rooms into luxury condominiums, said a source with knowledge of the plans. The luxury hotel, managed by Hilton Worldwide Holdings Inc, is set to reopen up to three years later, with about 300 to 500 hotel rooms remaining. Beijing-based Anbang said it is developing conceptual plans. The scope and details of the renovation, as well as the exact timing and duration of the hotel's closure, haven't been decided, the company said.

( China Daily Africa Weekly 07/02/2016 page24)