Xinyi Glass Holdings, the largest Chinese autoglass & windshield exporter, has bought a laminated glass manufacturer for HKD 236.98M to strengthen its global market position. CE Gerry Tung said the acquisition of Shenzhen China Southern Automobile Glass as a new subsidiary was also expected to contribute $300M to Xinyi's turnover by the end of 2008. "The acquisition will help consolidate our role as a leading vehicle glass manufacturer & exporter in both the domestic & overseas markets & allow our business to grow more rapidly", said Mr Tung said. "The deal will help boost our production capacity while generating a greater turnover for our company". Xinyi Glass holds 35% of China's aftermarket for car glass & about 10% of the global aftermarket. Shenzhen CS Auto Glass, a unit of China Southern Glass, is one of the country's top 3 laminated autoglass exporters. It has an annual production capacity of 1.3 million units of car glass products and holds 3% of the domestic market. Xinyi Glass has an annual production capacity of 8.3 million pieces. In 2006, its total turnover was HKD 1.9 billion.
