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Harbin Electric Completes Acquisition of Xi'an Simo Motor Inc. (Group), a leading Electric Motor Company in China.

Publication: PR Newswire
Publication Date: 19-OCT-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
HARBIN, China, Oct. 19 /PRNewswire-Asia-FirstCall/ -- Harbin Electric, Inc. ("Harbin Electric" or the "Company", Nasdaq: HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, today announced that Harbin Tech Full Electric Co. Ltd. ("Harbin Tech Full"), a wholly owned subsidiary of the Company, completed the acquisition of Xi'an Simo Motor Incorporation (Group) ("Simo Motor"), one of China's leading electric motor companies.

On October 6, Harbin Electric announced that Harbin Tech Full had signed a definitive agreement to acquire 100% of the outstanding shares and all of the corresponding assets of Simo Motor in consideration for the payment of a purchase price equal to no less than six (6) times and no more than eight (8) times the 2008 audited net profits of Simo Motor.

As of the closing date, Harbin Tech Full had completed the...

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