Company Overview of Wanxiang Group Corporation
Wanxiang Group Corporation, together with its subsidiaries, manufactures auto parts in China. The company offers universal joints, bearings, CV joints, drive shafts, auto batteries, shock absorbers, leaf springs, coil springs, brake discs, and tools. It also engages in the businesses of agriculture, aquaculture, real estate development, and infrastructure development. In addition, the company offers automobile driveline parts and industrial bearings; aquaculture products, such as eels and snakes; agricultural engineering; restaurant management; hotel management; and bridge and road development services. Further, it provides power plant construction, international trading, and leasing and fin...
1 Wanxiang Road
Founded in 1969
Key Executives for Wanxiang Group Corporation
Founder and Chairman of the Board
Chief Operating Officer and Chief Financial Officer
Compensation as of Fiscal Year 2014.
Wanxiang Group Corporation Key Developments
Fisker Automotive's Auction In February
Feb 7 14
Wanxiang Group Corporation and Hybrid Technology, Inc. are seeking to acquire Fisker Automotive, Inc.. China's Wanxiang Group emerged in December 2013 as a suitor for Fisker, challenging Hybrid Tech that had been jockeying to take over the bankrupt automaker. The rivals' interest prompted a bankruptcy judge to set a February 12, 2014 auction for Fisker's assets.
Hybrid Technology Offers For Fisker Automotive Assets
Jan 14 14
Hybrid Technology, Inc. has made a bid for Fisker Automotive, Inc. assets. Hybrid Technology has offered $55 million for buying the assets. Hybrid said in court papers on January 13, 2014 that it's offering $30 million in cash and would cancel $25 million in debt that Fisker owes Hybrid as its senior secured lender. Hybrid also said that at least $5.5 million of the cash portion will go to Fisker's unsecured creditors if they switch to backing Hybrid instead of Wanxiang Group Corporation as the so-called ‘stalking horse bidder’ in the auction. Hybrid Technology also reversed its position on buying the former General Motors site in Wilmington. Hybrid spokeswoman, Megan Grant said in an email on that Hybrid is planning to use the Delaware plant to "meet consumer demand and address market conditions." According to the report, spokeswoman of Jack Markell, whose administration provided $20 million in loans and grants to Fisker, had no immediate comment on Hybrid's proposal. On January 10, 2014, U.S. Bankruptcy Judge, Kevin Gross ordered that Fisker assets be sold at auction and capped Hybrid's credit bid ability at $25 million. Hybrid said on in court documents that it is prepared to fight that decision. Attorneys for the creditors committee did not immediately respond to messages seeking comment. Parties are preparing for an afternoon hearing during which Judge Gross will consider a potential sale date and bid procedures, and Wanxiang's request to supplant Hybrid as Fisker's bankruptcy lender.
VL Automotive And Wanxiang Reportedly Submitted Bid For Fisker Automotive
May 21 13
VL Automotive, LLC and Wanxiang Group Corporation made an offer to acquire Fisker Automotive, Inc., reported Reuters citing people familiar with the matter. The sources said that VL Automotive and Wanxiang Group submitted the bid earlier in May 2013. A separate team of investors including Richard Li is planning to buy out U.S. Department of Energy's stake in Fisker Automotive, added sources. Reuters reported that VL Automotive and Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy. Sources cautioned that efforts to revive Fisker are ongoing and may fall apart. They spoke on a condition of anonymity because the talks are private. The sources said that Henrik Fisker, co-founder of Fisker Automotive, left the automaker over "major disagreements" with the company's executive team in March 2013 and since then he's been in touch with various investor groups to discuss a potential role for himself in car company should Fisker finds a new owner. Fisker, Wanxiang and VL Automotive were not immediately available for comment. Henrik Fisker declined to comment through a spokesman.
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