Great Wall Merger Makes CEC China's Largest Electronics OEM
BEIJING -- A merger of several of state-owned electronics firms will create the nation's largest electronics concern, various news outlets reported today.
China Electronics Corp. and China Great Wall Computer Group are among more than a half-dozen firms that will merge into the new comglomerate. The group received government approval earlier this week.
Several of the firms, including CEC, are state-owned. The decision is the latest is a series of measures aimed at consolidating the number of state-owned enterprises in China.
In this latest transaction, six of the merging electronics companies are state-owned. Previously this year, CEC merged with five other Chinese electronics firms.
Once the transaction is complete, CEC will be the country's largest electronics company, with about $7 billion in revenues.
Already, CEC has 34,000 employees and $4.9 billion in assets. Great Wall has 10,000 employees and $1.5 billion in assets, the reports said.
