Harbin Electric provides acquisition details
Shares of Harbin Electric Inc. (Nasdaq:HRBN) are rising following news that the Chinese maker of specialty micro-motors expects to quickly integrate rotary motors maker Weihai Hengda Electric Motor Co. Ltd., the acquisition of which was announced on March 28.
“We expect that the acquisition will be immediately accretive to earnings,” said Harbin Electric’s Chairman and CEO Tianfu Yang in a statement. “Furthermore, it will strengthen Harbin Electric’s business diversification strategy and increase our production capacity.”
At 2:15 p.m. ET, the stock had climbed $1.49, or 10%, to $16.47.
“We expect that the acquisition will be immediately accretive to earnings,” said Harbin Electric’s Chairman and CEO Tianfu Yang in a statement. “Furthermore, it will strengthen Harbin Electric’s business diversification strategy and increase our production capacity.”
At 2:15 p.m. ET, the stock had climbed $1.49, or 10%, to $16.47.
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