SINOMACH made progress in strategic restructuring of Baige Company

Abstract The reporter learned from the 2012 annual summary and commendation meeting of Baige Company held in the first half of this month that the widely-recognized SINOMACH made effective progress in the strategic restructuring of the white pigeon company. Hu Aili, Chairman of the White Pigeon Company, introduced in detail the SINOMACH Group's white pigeon company...
The reporter learned from the 2012 annual summary and commendation meeting of Baige Company held in the first half of this month that the widely-recognized SINOMACH made effective progress in the strategic restructuring of the white pigeon company.

In the report of the conference, Hu Aili, Chairman of the White Pigeon Company, introduced in detail the restructuring process, restructuring content and planning prospects of the SINOMACH Group. she says:

SINOMACH is a large state-owned enterprise approved by the State Council. It is the largest central enterprise group with the largest scale, the widest coverage, the most complete business chain and the strongest R&D capability in China. It is directly under the State-owned Assets Supervision and Administration Commission of the State Council. The main business includes mechanical equipment R & D and manufacturing, engineering contracting, trade and service, and is one of the world's top 500 enterprises. It ranks first in the top 100 Chinese machinery industry enterprises for many years, and the SASAC Central Enterprise Performance Appraisal Class A enterprise.

SINOMACH uses its own advantages to provide a modern planning, design and equipment platform for the overall development of the Sixth Design and Research Institute Co., Ltd. of the Machinery Industry. The reorganized Baige Company is a modern production platform for Zhengzhou Abrasives. Grinding Research Institute (hereinafter referred to as “Sanmao”) is a research and development innovation platform. The China Abrasives Import and Export Corporation (hereinafter referred to as “Zhongmei Company”) is a marketing and trading platform. According to the overall development plan, it can meet the development of various platforms. The capital needs, comprehensively build science and trade in one industry, perfect industrial chain, China's largest and world-renowned SINOMACH Seiko Group, reshaping the leading image of Zhengzhou's national abrasives industry. SINOMACH Seiko Group reached an output value of 3 billion yuan within three years and strived to reach an output value of 7 billion yuan within five years.

On November 21, Zhengzhou Municipal Government and SINOMACH officially signed the Strategic Cooperation Framework Agreement on the strategic restructuring of Baige Company.

On December 4th, the company's first five-member Workers' Congress reviewed and approved the “Full Equity Transfer and Relocation and Promotion Plan for Baige Abrasives Co., Ltd.”, and the reorganization was a complete success.

Zhengzhou Investment Holding Co., Ltd., a subsidiary of Zhengzhou State-owned Assets Supervision and Administration Commission, owns 100% of the shares of Baige Company. After nearly one year of communication and negotiation, SINOMACH and Zhengzhou Municipal Government transferred the entire equity of Baige Company to SINOMACH without compensation, and realized the relocation of the company within three years.

After the reorganization of SINOMACH, the company will maintain the overall stability of the company, and maintain the complete and independent business of the current production and operation.

After the reorganization of SINOMACH, the Sangju Group received all the personnel of the Baige Company, which was based on the roster of the social security department of Zhengzhou City and the human resources management department of the enterprise. Stabilize the company's workforce and ensure the benefits of the company's employees. Maintain continuity of original policies such as the original departure and retirement of the pigeon company.

After the reorganization of SINOMACH, it actively improved its management level and relocated its enterprises to improve its business performance, promote the rapid development of its enterprises, continuously increase the income of its employees and provide more jobs.

The overall relocation of the pigeon company has been fully launched. According to the requirements of the higher authorities, this year, the municipal government actively participated in the restructuring of the SINOMACH. Special personnel were selected to actively cooperate with SINOMACH to come to the factory for reorganization.

In order to speed up the planning of the overall relocation of the company in the future. The company held the "Special Meeting on the Overall Relocation and Improvement Work", specially set up a leading group for the promotion of relocation and construction and three specific project working groups as the decision-making organization to implement the relocation and promotion, and overall responsible for the overall planning and project selection of the relocation and upgrading. Decisions on major issues such as project plan validation and capital investment. Fully launching the overall relocation and upgrading of the enterprise will definitely have a profound and important role for the company's future survival and development. It fundamentally solves the problems that are difficult to solve in the survival and development of enterprises, and makes the company embark on a path of healthy development.

It is reported that Baige Company will relocate the main plant area from the current No. 78 Huashan Road to Zhengzhou New Material Industry Cluster Area within three years (the area is located in the northwest of Xiangyang City, at the intersection of Provincial Highway 232 and Erhai Railway). The total investment of the project is 1 billion yuan, covering an area of ​​nearly 600 mu and a building area of ​​170,000 square meters. Construction of four major manufacturing bases for bonded abrasives, coated abrasives, superhard products and new materials. It is estimated that after the completion of the project, the annual sales revenue will reach 1.3 billion yuan and the profit will be 184 million yuan.

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