The most popular Pulit completed the acquisition o

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Shanghai Pulit composite materials Co., Ltd. effectively completed the acquisition of Wilman, the fourth largest plastic recycling enterprise in the United States, less than six weeks before the signing of the agreement

Yipeng investment, a wholly-owned subsidiary of Pulit, through its wholly-owned subsidiary Pulit in the United States, purchased all the equity of WPR company and its subordinate Wilman plastics and DC foam from Wilman holdings and natural person Robert fotsch in the form of cash payment

on February 12, 2015, Beijing time (February 11, us time, product unit weight: 23.2g (box)/15.6g (cover)), Pulit paid US $65.451 million, that is, the remaining price after the transaction consideration of US $70.451 million minus the custody amount of US $5million. Both parties have completed the procedures of share transfer and payment

both parties to the transaction also paid the repurchase fee to 107 employees holding WPR restricted incentive shares respectively

important events in the acquisition process include:

on October 2, 2014, Pulit's non binding offer received a confirmation letter from Wilman

on December 31, 2014, the board of directors of the subject company agreed to the equity transfer. And decided to terminate all the restricted incentive shares issued by WPR company in the form of cash repurchase

on January 2, 2015, Yipeng investment, Pulit and Zhou Wen, the actual controller of Pulit, signed the equity purchase agreement with the counterparties Wilman holdings and Robert fotsch

on January 19, 2015, the Management Committee of China (Shanghai) pilot Free Trade Zone issued an overseas investment certificate for Yipeng investment

on January 29, 2015, the shareholders' meeting of Pulit deliberated and passed 13 proposals on acquisition

on February 4, 2015, Yipeng investment signed a contract with the Export Import Bank of China and handled an overseas loan of US $49.3157 million

on February 11th, 2015, Wilman signed an amendment to the loan agreement with Suntrust bank, which agreed to transfer its equity while maintaining its loan

on February 12, 2015, Peter M. Castleman and Micah Meisel, directors of W swing frame PR company; Peter M. Castleman, Micah Meisel and Thomas J. Stevens, directors of Wellman plastics; Scott Taylor, director of DC foam, resigned. Zhou Wen, Robert fotsch and sunxingyuan served as directors of the three companies, and Zhou Wen served as the chairman of the board of directors. Except for the above changes, other directors and senior managers of the subject company have not been replaced or adjusted

on February 12, 2015, the share transfer and payment procedures were completed, and Wilman assets were registered under the name of Pulit

the consideration of this transaction is USD 70.451 million, which is 95.85% of the asset appraisal value of USD 73.4977 million

in 2012, 2013 and 2014, the target company achieved operating revenue of $162million, $164million and $124million respectively, and net profit of $5606400, $7652600 and $6126600 respectively

the acquisition funds come from the "upstream and downstream" business transformation mode from R & D to production. At the time of decision-making, the sources are self owned funds and bank loans, of which 30% of the acquisition price is paid by plit's own funds and 70% of the acquisition price is from the loan of the Export Import Bank of China

at the annual summary and commendation meeting on February 5, 2015, Zhou Wen proposed three aspects that should be paid attention to in 2015: 1 Understand cultural compatibility: take honesty as the cornerstone in work and speak with facts and data; II Adjustment of organizational structure: from a single organization to multiple organizations, forming a matrix organizational structure; III Deployment of business strategy: combining the strategy of American Wilman company and the strategic planning of Pulit with the current plastic profile, plastic pipe, plastic plate and other products in the plastic profile industry has formed a huge chemical building materials industry chain in China, and formulating the strategic planning for the globalization of the company in 2016

Pulit hopes to further improve its market influence and product supply capacity in the field of modified plastics, better meet the needs of customers and expand the company's product chain. Through the integration with Wilman in terms of customer resources, technology, brand, etc., we will explore new profit growth points

pritt called 2015 the first year of globalization, which is expected to achieve unprecedented progress in the North American market

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