Hagong Intelligent

Zhejiang Hagong Robot Co., a subsidiary of Hagong Intelligent, will acquire 100% of Zhejiang Ruifu Electromechanical Co. for 566 million yuan ($82.5 million). The deal is structured as a cash acquisition.

Hagong Intelligent (哈工智能) announced it will acquire 100% of Zhejiang Ruifu Electromechanical (瑞弗机电) for CNY 566 million, paid 70% in shares and 30% in cash. Ruifu specializes in automotive body-in-white welding automation equipment.