LONDON (Alliance News) - Vmoto Ltd Monday said that recent acquisition Nanjing Haiyong Electronic Technology Co Ltd has now moved all its manufacturing to Vmoto's Nanjing manufacturing facility.
Vmoto announced the acquisition last month, a deal it expects to boost its earnings and give it improved economies of scale, saying it wanted to turn Haiyong into a major global producer of complete electric driving system for electric vehicles.
It is paying for Haiyong in shares, based initially on a five times multiple of Haiyong's 2013 audited net profit.
Vmoto shares were up 3.2% at 2.40 pence early Monday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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