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Yinyi Group (China) acquires Punch Powertrain (Flanders)
Up until now, the Yinyi Group – which turns over EUR 9 billion per year – has been mainly active in real estate and resources. The pending transaction is in line with chairman Xiong Xiuqang’s strategy to diversify and become a tier-one automotive supplier.
Transmissions from Flanders
Punch Powertrain specializes in the production of continuously variable transmissions (CVTs), a segment that is particularly popular in Asia. The majority of its turnover comes from Chinese carmakers. The final assembly of the transmissions is done in Nanjing (China), while R&D and production of components is located in Limburg (Flanders).
Swing into high gear
“In Yinyi Group we found the right partner to support us in our ambition to grow further and expand internationally”, says Cor van Otterloo, CEO of Punch Powertrain. “To achieve this ambition, our Belgian R&D team is set to expand from around 300 engineers to 700 in the coming five years. The operations team will expand accordingly. Furthermore, plant capacity will jump from 300,000 to over a million units per year, both in Flanders and in China.”