October 20, 2009 (FinancialWire) — Harbin Electric, Inc. (NASDAQ: HRBN) said that its Harbin Tech Full Electric Co. subsidiary has completed the acquisition of Xi’an Simo Motor Inc., and electric motor maker in China.

On October 6, Harbin Tech Full signed a definitive agreement to acquire 100% of the outstanding shares and all of the corresponding assets of Simo Motor for payment equal to no less than six times and no more than eight times the 2008 audited net profits of Simo Motor.

As of the closing date, Harbin Tech Full had completed the registration of the share transfer with the requisite PRC authorities and had obtained the required business registration and transfer of licenses of Simo Motor. On October 13, Simo Motor changed its name to Xi’an Tech Full Simo Motor Co. Ltd.

Xi’an City, China-based Simo Motor was initially established in 1955 as a state-owned company and since then has become a developer and manufacturer of industrial rotary motors. In January 2004, Simo Motor was privatized as a shareholding company.

The company develops and manufactures various industrial motors including some 28 series, over 450 categories and more than 8,000 models of high and low voltage, small, medium, and large-sized motors.

Harbin, China-based Harbin Electric develops and manufactures a range of electric motors, including linear motors, automobile specialty micro-motors, and industrial rotary motors.

The company operates three manufacturing facilities in China and has around 1,800 employees.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.