Original press release from China Everbright Limited.
GRAND RAPIDS, Mich., October 26, 2018 - Burke Porter Group (“BPG”), a portfolio company of the CEL Global Investment Fund, held a successful inauguration event to celebrate the opening of their Wuxi facility. Attending the event were Executive Director and CEO of China Everbright Limited, Mr. Chen Shuang; Deputy Secretary of Wuxi Municipal Committee and Acting Mayor Mr. Huang Qin; President of Burke Porter Group Mr. David Deboer, and over 200 Chinese and foreign guests from Wuxi Municipal Government, Everbright and Burke Porter Group.
Prior to the ceremony, Mr. Chen led Everbright and the BPG team to hold talks with government guests, including Mr. Huang Qin. The two sides reviewed the past business cooperation between China Everbright Group, China Everbright Limited and the City of Wuxi, expressing their common vision to further deepen exchanges and cooperation in the future.
During the ceremony, Dr. Charles An, the Director of BEP-China, Mr. Chen Shuang, and Mr. Feng Xiaochun, deputy secretary of the Xinwu District Committee of Wuxi City, each delivered a speech.
In his speech, Mr. Chen has reviewed the cooperation experiences of Everbright and Burke Porter Group since the initial acquisition in 2015. Following a long due diligence and deep understanding of the industry, Everbright’s investment brought a new vitality into the company by bringing sufficient funding to help its development.
Since then, Everbright has made drastic impact in directing the company's strategy and internal management. Through a series of adjustments that would stimulate vitality and impressive business growth, BPG saw a significant increase in revenue and rapid development its overseas business, especially in the China market. With the full support of Everbright, BPG has established itself as a global leading position in the field of automotive testing equipment after only three years.
In China's automotive testing market, BPG's market share now exceeds 50% in the traditional automotive sector, 90% in the electric/hybrid vehicle sector, and the company's performance has continued to grow at an average annual rate of over 20%. Simultaneously, under the strategic guidance of the new board of directors, BPG realised the integration of the upstream and downstream of the industry chain, and successfully entered the energy, aerospace and high-end precision manufacturing sectors (including 3D printers and life science equipment) through nearly 10 global acquisitions. A series of new business areas, such as balancing machine systems, have laid a good foundation for the design, development and manufacturing of the world's leading "high-end intelligent manufacturing equipment".
Mr. Chen said: “Our country has an increasing need to introduce and develop high-end equipment, and innovative R&D needs innovative equipment to support it. Everbright’s acquisition of BPG has utilised China’s capital and strategic resources to promote the company’s diversification and internationalization. With BPG’s entry into the Chinese market, we have promoted forward-thinking development of upstream and downstream integration, as well as encouraged upgrading of China's auto industry and other related manufacturing products. Everbright’s acquisition of BPG has created more jobs in China and the United States, creating a win-win model for us both."
Afterwards, Mr. Chen thanked Wuxi Municipal Party Committee and Municipal Government for their all-round support for the development of BPG’s business in China, stating that the launch of the new factory is a reflection of BPG's stellar performance in the Chinese market. It shows that Everbright and BPG have adequate confidence in its future market in China and in Wuxi's industrial environment.
With the aims and values to actively and boldly introduce future cooperation, Everbright, BPG, and the City of Wuxi together hope to build an interactive relationship between China and International parties, to provide a platform for successful development and growth.
Also attending the event were Mr Richard Tang, Executive Director and Chief Financial Officer of Everbright; Mr Zhang Wei, President of Everbright Bank Wuxi Branch; Ms Fan Shengyan and Mr John Chan, Managing Directors of CEL Global Investment Fund.
About BPG (China) Wuxi Facility
BEP (China) Testing Equipment Co., Ltd. is directly affiliated to the Burke Porter Group. BEP China’s new plant is located in Wuxi National High-tech Zone, with an investment of more than US $30 million. It is capable of producing 400 sets of high-end test equipment per year to meet the needs of domestic and international customers. It will strongly support the R&D and production quality control of China's new energy vehicles, upgrade and certification of traditional vehicle and truck emissions, accelerate the development of autonomous vehicle technology, and contribute to the advancement of intelligent manufacturing technology.
About CEL-Global Investment Fund
The CEL-Global Investment Fund is a US $500 million fund that primarily invests in equities and equity-linked securities of companies established in North America and Europe, targeting companies with proven operational track record and a sound business model with strong growth in the market in China. The Fund’s target industries include advanced manufacturing, advanced transportation equipment, advanced agricultural products and technologies, consumer products, clean energy, environmental and resources management, technology, media and telecommunications, wealth protection and healthcare.