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| Tuesday, 31 March 2020, 22:51 HKT/SGT | |
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HONG KONG, Mar 31, 2020 - (ACN Newswire) - Analogue Holdings Limited ("Analogue" or the "Company", together with its subsidiaries collectively the "Group") (stock code:1977), a leading electrical and mechanical ("E&M") engineering service provider in Hong Kong with operations in Macau and mainland China, today announced the acquisition of 51% of equity interests in Transel Elevator & Electric Inc. ("TEI") with an aggregate consideration of US$35.7 million, equivalent to approximately HK$278.46 million, setting its first foothold in New York, the United States of America ("USA"). Upon Completion, TEI will become an indirect non-wholly owned subsidiary of the Company.
Dr. Poon Lok To Otto, Chairman of Analogue Holdings Limited, said, "We are pleased to announce the acquisition of TEI, another significant initiative of the Group. Over the years, we have been sparing no effort to expand our lifts and escalators business and created our own brand Anlev. Aligning with the vision of TEI, we believe the acquisition will strengthen our customer base in the industry and allow us to better execute the New Technology, New Market and New Business Mode strategy. It is also expected to create synergies across our other business. Furthermore, being able to set foot in New York will definitely act as a stepping stone to expand our business in USA and ultimately on a global basis, capturing the abundance of opportunities. Looking forward, while uncertainties in the economy continue to prevail, we will monitor the market with caution to enhance our profitability and achieve continuous growth."
Since the Group's successful listing last year, it has been actively seeking new opportunities to further strengthen all aspects of its business segments. According to the Elevator Report 2017 issued by the New York City Department of Buildings, New York has approximately 84,000 elevators, claiming to be the largest stock in North America and with the oldest stock in the world. In view of such potential demand and leverage on its successful business model, the Group considers the acquisition as a strategic move which will provide huge opportunity to gain presence in the New York markets while gradually tapping the USA market.
Founded in 1989, TEI is one of the largest independent lifts and escalators companies in New York, principally engaged in the business of providing new construction, modernization, repair and maintenance services in the vertical transportation sector for both residential and commercial real estate customers. With its vision to leverage the leading position and reputation to win larger projects, targeting to increase its market share, the Group sees its market potential and expects great synergies can be generated among the two parties, which will lead to a win-win situation.
Financial Highlights of Transel Elevator & Electric Inc.
Year ended 31 December
(US$'million) 2019 2018 Changes
Revenue 118.7 95.1 24.8%
Profit before taxation 10.5 3.2 228.1
For the year ended 31 December 2019, TEI is in a sound financial performance with revenue increasing from US$95.1 million to US$118.7 million, marking a 24.8% growth, and the profit before taxation soared by 228.1% to US$10.5 million over the last fiscal year. Especially, the CAGR of revenue was recorded at 17% from 2014 to 2019, which shows an outstanding growth potential. Armed with this solid foundation, Anlev will leverage TEI's extensive experience and market penetration in New York to further expand its brand reputation.
About Analogue Holdings Limited
Established in 1977 and headquartered in Hong Kong, the Group is a leading E&M engineering service provider in Hong Kong, with substantial operations in Macau and mainland China. The Group provides multi-disciplinary and comprehensive E&M engineering and technology services in different segments, including Building Services, Environmental Engineering, ICBT and Lifts & Escalators to a wide spectrum of customers from the banking, property development, education, entertainment, hospitality, information technology, data centres, transportation and utilities sectors, as well as departments of the Hong Kong SAR Government. The Group also manufactures and sells Anlev lifts and escalators internationally. Nanjing Canatal Data Centre Environmental Tech Company Limited, an associate of the Group specialised in manufacturing of precision air conditioners, has been listed on the main board of the Shanghai Stock Exchange since November 2017.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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