Conzzeta to acquire China's DNE Laser
Conzzeta, parent company of Bystronic, has signed a binding agreement to acquire DNE Laser.
Conzzeta (Zurich, Switzerland), parent company of Bystronic (Elgin, IL), has signed a binding agreement to acquire DNE Laser (Shenzen, China). The closing of the transaction is planned by mid-year 2016, subject to regulatory approval. Conzzeta will acquire a 51% stake, with a long-term option to increase the position.
DNE Laser, founded in 2008, employs approximately 400 employees and operates profitably, generating revenue of CNY 335 million (approx. $53 million) in 2015. The company complements the Sheet Metal Processing business of Bystronic, which supplies solutions for sheet metal cutting with a global footprint, employs close to 1700 employees, and generated revenue of CHF 570.9 million (approx. $592 million) in 2015, primarily with high-end laser cutting solutions.
DNE Laser, by contrast, covers the middle- and lower-end product segments of laser cutting equipment, with a focus on China and Southeast Asia. The company will operate with its own brand and a dedicated sales and service organization within the Bystronic business unit of Conzzeta.
Zhang Yonghong, founder, president, and CEO of DNE Laser, will remain CEO and join the Group Executive Team of Bystronic.