NewsCubigel bought by Chinese company
SPAIN: Troubled Spanish refrigeration compressor manufacturer Cubigel has been bought by the Chinese company Huayi Compressor Co Ltd.
The purchase ends a period of uncertainty for the Barcelona-based hermetic compressor manufacturer which slipped into administration on February 7.
Huayi, and its subsidiary Jiaxipera Compressor Company, is controlled by the Chinese state owned company the Sichan Changhong Group, a $11bn business employing more than 90,000 people in the manufacture of tvs, air conditioners, refrigerators, compressors and LCD/Plasma and OLED screens.
As well as increasing Huayi's production capacity, the company expects to use its Spanish branch as a logistic and commercial base for the European market, and as a technological centre for the development of different new products, including high efficiency and environment friendly platforms.
Within the requirements of Spanish law, Cubigel Compressors has now started the transition period that will last around 3 months, during which, the company will be jointly managed by the trustees appointed by the Court together with a team of Huayi. The new company will be setup when all the necessary legal procedures and mandatory authorizations are carried out during the transition period.
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