New Horizon capital to acquire 30% stake in Punch Powertrain NV
Sint-Truiden, Belgium: 12 December 2013 5:45pm CET (embargo) - Punch Powertrain NV ("the company"), a developer and manufacturer of innovative clean powertrain technologies, today announces that New Horizon Capital ("New Horizon"), a leading China-focused private equity fund, has entered into definitive transaction agreements to acquire a 30% stake in the company.
Punch Powertrain has grown strongly in Asia in recent years, expanding its facility in Nanjing, China, and doubling sales to Asian automotive markets since 2010. The acquisition of a significant minority stake in the company by New Horizon is a key milestone in Punch Powertrain's development.
More info on the press release.
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