Australian trailer builder, MaxiTRANS, has entered into an equity transfer agreement with Zhejiang Huazheng New Materials Co. for the sale of MaxiTRANS’ 80 per cent shareholding in the MTC panel manufacturing business in China.
MaxiTRANS will receive approximately €5 million under the terms of the sale which includes the repayment from the minority shareholders of a €769,900 loan.
The sale will complete once relevant filings and registrations have been accepted by the Ministry of Commerce and the Administration for Industry and Commerce in China. It is expected these filings and registrations will be completed within three months.
MaxiTRANS has also signed a long-term supply agreement for the continuing supply of products to the group by MTC that will take effect from the completion of the sale.
MaxiTRANS remains committed to the strategic initiative of “Growth in New Markets” by actively pursuing geographical expansion in both China and South East Asia.
MaxiTRANS is one of Australia’s largest suppliers of truck and
trailer parts to the road transport industry in Australia as well as one of the largest suppliers of locally manufactured, high quality heavy road transport trailer solutions, including trailer repairs and
service, in Australia and New Zealand.
Last month, MaxiTRANS declared a net profit after tax of €6.2 million for the year ended 30 June 2018, with a 20 per cent total revenue increase to €252 million.