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The global financial crisis, Europe is undoubtedly in the sub-center of the storm, what is the situation facing Sandvik, one of Europe's largest industrial groups?
European banks have also had problems. Desheng said that the direct impact of the current financial crisis on the group has not yet been seen. The Group’s sales in the first half of the year performed well, but he also said that “many European banks have the same problems as Bank of America.†It is believed that some large industrial groups in the United States provide financial services, and Sandvik does not, which makes the Group less affected in the face of the financial crisis. But in fact, the current crisis has spread from the United States to Europe, and whether it will affect Asia and China will be unknown. In fact, the global industrial and commercial enterprises are already in a chain: "At present, the most worried about the financial crisis has affected the purchasing power of many customers." Yan Desheng said.
Under the financial crisis, the “industry reshuffle†began to appear. "One of the advantages of the current acquisition is that the required funds have been reduced," said Su Desheng. "There are still acquisition plans in China, not just in China, we are continuing to acquire globally, and we are always looking for better companies."
The Chinese market cannot be ignored. It is understood that since 1996, Sandvik Group has acquired 50 companies. From 2006 to early 2007, the group has acquired 8 companies.
At present, foreign investment in mechanical engineering manufacturing in China is still a sensitive topic. Ruan Desheng had already known the precedent of the failure of Carlyle to acquire China Xugong, but he stressed that “Sandvik has not encountered such a problem in China so farâ€, he said, “will have an open dialogue with relevant departments and enterprises. Show our sincerity."
At present, European multinational groups are strongly optimistic about the Chinese market. Ruan Desheng believes that China's development is particularly fast, and no one in this market can ignore it. Lin Dehong, president of Sandvik Group China, added that the current situation is a bit like the Asian financial crisis 10 years ago. At that time, many multinational companies laid off their employees, and some even withdrew from China, but Sandvik was full of confidence in China's future. After the crisis, it took only one year for the company to get on the right track.
Sandvik collectively accelerates mergers and acquisitions in China
Recently, Sun Desheng, President and CEO of Sandvik Group, said that the financial crisis has had an important impact on the European economy. He is worried that the crisis will "affect Asia and China." At the same time, Ju Desheng revealed that Sandvik still has an acquisition plan in China.