Ham-Let Group Ltd., manufacturers of high tech compression fittings and valves, with operations in North and South America, has signed an agreement to buy 100% of the shares of Jiangsu Xinghe Valve, a connectors and valves company located in Jiangsu Province in China. The acquisition is valued at USD $15 million.
Ham-Let, controlled by FIMI Opportunity Funds and managed by CEO Amir Widmann, said that completion of the deal was contingent on the fulfillment of various conditions, such as approval by the authorities in China and the signing of marketing, sales and partnership agreements. Ham-Let believes that these agreements will be completed by April 30.
The Chinese company, which has 222 employees, produces and markets a wide variety of valves and connectors for Chinese companies dealing in nuclear energy, railways, petrochemical, oil and gas, and other process control industries.