Why do Chinese companies has not been successful expedition to Europe?
Articles correspondent Yu Ho Yan Wang Hu Articles from the bottom of our correspondents from Beijing Internship Bian Caini
October 31, TCL Group and Thomson Corporation (Thomson) (Paris Euronext: 18453) also issued a bulletin announcing the joint venture will have two former TCL Thomson (TTE) for the revamp of the European business.
Four days later, TCL chairman Li Dongsheng Group in Beijing Madian Bridge in the TCL Building received a "financial" reporters. The founder of the world's largest TV company no longer has just completed the acquisition two years ago when the high-spirited, but the attitude remains calm: "We pay a price bigger than we expected. Based on the current situation, the most important thing is to keep Health Management Group, to find a solution to the problem. "
"European business can not continue this state." He stressed.
For urgent problem nowadays Li Dongsheng - TCL Thomson continued deterioration of the loss of European operations, after more than six months of testing and discussion, the answer has no choice - we have only one way stop layoffs restructuring reduced losses. The face of the first half of this year expanded to 96 million U.S. dollars of the European huge losses, the market also expressed support for the reorganization plan. TCL Group's restructuring announcement released the next day, the day before its share price rose more than 9%, from 0.74 Hong Kong dollars / shares rose 0.81 Hong Kong dollars / share.
TCL will soon be implemented in Europe, this reorganization will create a large-scale Chinese enterprises to lay off the first of its kind in Europe; from Paris to Poland, more than 450 employees will be unemployed. TCL is the re-estimated the cost as high as 90 million euros.
Restructuring charges come from? TCL can lay off the most difficult in Europe, recognized the successful implementation of the layoff plan? After the announcement, waiting for TCL, will be a series of no less fresh and integration of international mergers and acquisitions difficult problem. Can in the shortest possible time crossed the Road in Europe, "Hum", the TCL's future.
"This is Mr. Li's 'Dunkirk'." One industry comment. May 1940, into a tight encirclement of the German expeditionary force of British withdrawal from Dunkirk, France.
Time is the greatest enemy
Thomson is TCL TCL Multimedia Ltd (TMT, the Hong Kong Stock Exchange Code: 1070) and Thomson's TV business after the merger formed a new company, founded in July 2004, mainly in Europe and the United States market TV. TCL Thomson (Europe) based in France, has a factory in Poland and points in eight different European countries, sales of the company, product target market for the Western and Eastern Europe.
TCL Group announced that, TCL Thomson (Europe) will begin restructuring by the end of October this year, including termination of OEM (OEM) business, of all TV sales and marketing activities, most of the employees and six sales companies restructuring, and "choose the cash" is TCL Thomson (Europe) of the assets and inventory.
TCL chairman Li Dongsheng told the "Financial", the so-called "choose the cash," mainly refers to the assets of the Polish plant. In addition, TCL Thomson will gradually reduce to the Thomson-owned Angers factory production orders issued, until reduced to zero in 2008.
According to Li Dongsheng side stakeholders confirmed, TCL in Europe, Germany, Spain, Italy, Sweden, the Czech Republic and Hungary's six sales companies will be reorganized into the area related business from the offshore company incorporated in Hong Kong to take over.
French Ministry of Labour, TCL Thomson (Europe) restructuring will lead to Bren and two offices in Angers, 150 and 50 employees jobless. At the same time, subcontract production Thomson business Angers factory has 250 employees unemployed related to this.
As we all know, the European retrenchment compensation is highest in the world. According to the French "Labor Law", in the company's economic difficulties or technological changes based on the reasons for layoffs, compensation of employees wages will be not less than 20% of total revenue, in the service of over 10 years, the previous compensation, based on also add up the total wage income last six years, 2 / 15.
In Europe, employees in addition to statutory compensation, often also require some additional compensation, the amount of compensation negotiated by employers and trade unions. By law, employees also enjoy a three-month pre-notification period; employers need to continue to pay wages during the period. Once labor negotiations longer hours will directly affect the restructuring process.
At present, TCL has been related to redundancy compensation package submitted to the TCL Thomson's trade union committee, negotiations will begin in 11 months. TCL Thomson (Europe) spokesman declined to disclose the trade unions or companies from further information on layoffs. But Li Dongsheng implementation of the plan for the layoffs is still showing confidence: "Our plan is reasonable, a better understanding of trade unions on this point."
It is reported that the company submitted to the restructuring and downsizing program, the host country need to consult the Ministry of Labour Commerce Committee and then by the Commerce Commission issued a recommendation, but the opinion does not have legal effect.
Before that, in order to get support, Li Dongsheng came in early August this year, met with French Minister of Labour Boer Lu (Jean Louis Borloo) and Industry Minister Luce (Francois Loos). For TCL's restructuring actions, the French Ministry of Labor and Social Security received "financial", said the reporters to understand.
French Ministry of Labor spokesman, said in August to 10 months, to reduce the TCL Thomson (European) social impact of restructuring of the Ministry of Labour presided over a number of meetings arranged. Asked the Government re-Thomson TCL specific support, he told the "Financial" Reporter: "The government will promote the implementation of the program, so that the social impact of restructuring to minimize the extent, but does not provide any financial support."
It is learned that, if labor talks break down, TCL Thomson can continue to implement its restructuring plan, the premise is to apply for arbitration, and arbitration proceedings in Europe and often protracted.
Observers pointed out that the time is the greatest enemy of TCL. TCL Thomson reached an agreement with the union as quickly as possible, otherwise the longer, higher restructuring charges.
"This deal is too quick a"
In fact, TCL Thomson (Europe) restructuring is TCL's second defeat in Europe. Mergers and acquisitions in 2004, the eve of Thomson TV service in Germany two years ago, came the acquisition of 8.2 million euros investment in TCL's color TV news Schneider discontinued. However, acquisition of TCL in 2004, enthusiasm for France's Alcatel completed in one fell swoop mobile phone business, and Thomson's TV business two acquisitions.
"This deal was too quick." For the TCL acquired Thomson's TV business as a consultant for Boston Consulting Group (Hong Kong) Vice Chairman Xu Shen in the acceptance of "financial" reporters had expressed concern on the European market and TCL Thomson TV Department of European and American business do not fully understand. In fact, as early as prior to the completion of the transaction, the Boston Consulting Group has issued a "risk than benefit," the warning.
TCL's founder and wound up as holding more than 5% of individual shareholders, as Li Dongsheng, chairman of this great deal is not ignorant of the risks and challenges. In 2004, he told "financial" press interview, also acknowledged "Now that China is problematic acquisitions, China's industry is still very far from the stage of economic strength, China's acquisition of a large extent is 'a small horse-drawn carts'. "he said," that, when my own decision-making is also very disturbing. "
However, when he was 47, Li Dongsheng, and not "the risks outweigh the benefits," the judge balked. In January 2004 an internal speech, he said, "If we do not, the next to go but with these conditions to form the first opportunity for the global industry." In addition, "from the central government to local governments, are encouraged Chinese enterprises to go global. The project will be the government and the community support!"
The article, entitled "decisive establishment of global TCL" speech, one quarter of the space to explore "the mission of commitment to industrial power." Statement at the end, willing to speak one's mind Li Dongsheng said: "We are writing the history of the Chinese economy, the internationalization of Chinese enterprises in the written history of China in creating world-class companies."
Compared with the determination, preparation for the merger is not done adequately. TCL headquarters in Shenzhen, one in middle management who told "financial" press, M & A severe shortage of manpower after the TCL, which requires three to five years previous experience in personnel assignment requirements can quickly be reduced to a years.
Who pays the bill?
According to Li Dongsheng said the estimated cost of the restructuring of 90 million euros, restructuring of the cash demand is expected to involve about 45 million euros - of these funds, mainly provided by Thomson existing funds and cash assets of the company to resolve; TCL Multimedia will be the new company after the reorganization of not more than 13 million euros to provide working capital.
In the reorganization, the role of Thomson and commitment to the role of concern.
July 2004, TCL Group and Thomson TV assets of all parties into the TCL Thomson, TCL Group, TCL and Thomson Thomson in the 67% and 33% holding of shares. A year later, Thomson Thomson its stake in TCL replacement in 29.3% stake in TCL Multimedia, TCL Thomson has become wholly owned subsidiary of TCL Multimedia.
"Financial" press was informed, as early as June of this year, TCL and Thomson started to discuss the restructuring of Europe. Li Dongsheng said Thomson do not agree at first on the restructuring plan, then the two sides gradually reached a consensus, after improving in the restructuring changes, as a shareholder of Thomson agreed to finance the implementation of the reorganization plan, but also raised a number of conditions - demand the lifting of M & A lock stock when the agreement signed. The original agreement, 10 August 2005 after three years, TCL Group and Thomson Multimedia are not allowed to purchase shares held by TCL. The revised agreement to lift the obligation to Thomson, but the TCL Group held 38.74% shares in TCL Multimedia is still bound by the terms of the original agreement.
Thomson TCL or both, are each in the total declined to about 90 million euros in restructuring costs in the ratio of specific commitments. Publicly available information from the point of view, restructuring costs from the TCL Multimedia and Thomson shared. Specific practices, TCL Multimedia out of about 100 million U.S. dollars in withholding and the provisions, Thomson committed to providing financial support.
October 30, TCL Group announced that it will target specific non-public offering A shares, raising a total of 1.05 billion yuan of funds, of which about 650 million yuan for the replenishment of TCL Multimedia.
The third day after the lifting of ban agreement, on November 3, Thomson immediately UBS 3.90294 billion shares sold will TCL Multimedia stake from 29.3% to 19.3%. Reduction of the first trading day, TCL Multimedia shares from the holdings of the previous trading day has fallen by 20.5%, fell to 0.62 from 0.78 HK dollar / share. According to European securities regulation, holding 20% of the consolidated financial statements of subsidiaries from time. TCL Multimedia stake sale cash is available, "kill two birds with one stone" for Thomson on the TCL Thomson (Europe) to provide financial support to prepare sources of cash.
Ban lifted in addition, TCL Thomson on existing trademark license agreement and contract with Thomson Angers factory replacement of the agreement.
In the trademark license, the license to use the original 20-year period to two years in Europe, but without payment of royalties. The original agreement still applies to Russia, Ukraine and Kazakhstan regions. As the Lord has been gradually transferred to the reason of non-consumer electronics, Thomson do not want to Thomson Consumer Electronics in Europe again as the brands.
TCL said that the Thomson brand in 2009 out, it will consider opening TCL brand in Europe or the earlier acquisition of Germany's Schneider brand, you can continue to use mergers and acquisitions when Thomson acquired other European local brands.
In addition, under certain conditions, Thomson will pay TCL Thomson certain intellectual property rights on the application and management of a number of prepayments.
Angers factory, the revised agreement to reduce the TCL Thomson the next two years to issue orders to the Angers factory working hours. But according to the early days of TCL Thomson signed an agreement with Thomson, TCL Thomson when the actual issue of orders of hours does not meet the minimum amount of time determined by the two sides, TCL Thomson contracting working hours still need to pay.
"Ultimately, the public shareholders to bear the TCL Thomson (Europe), the cost of restructuring." Daiwa Institute of Research (Hong Kong) analysts He Weiji think.
As of this writing, the former, TCL Multimedia's closing price of 0.63 Hong Kong dollars per share, or about TCL Thomson M & A record high of 3.70 Hong Kong dollars before (January 6, 2004) one-sixth.
"Europe in the end where the disease?"
"TCL Thomson (Europe) met with major changes in the European household appliance market - the traditional CRT TVs in Europe's share fell from 80% now 20% of the fierce, and no one can foresee." TCL Thomson (Europe) In an interview with the spokesman Pamilama "financial" reporters said.
Li Dongsheng two years ago to accept "financial" press interview, he talked about his slump on Thomson's TV business the main thought. He believes the problem lies in two aspects: First, China's cheap products on the impact of the global industry, two major retailers from increasing bargaining power. In addition, as a veteran European appliance business, management and procurement Thomson failed to follow the changes in the industry. Lee was determined that as long as the focus on reversing the loss of Thomson major markets - the United States, integration can increase the odds of success.
Lee recalled that early in November this year, integrating the beginning, "Although aware of European operations also need to do some work, but given the limited resources at that time, so after the merger for a long period of time in Europe in accordance with the original mode of operation."
Look back, Chinese companies eager to display their talents to "cost control" to enable Thomson business losses, making TCL overestimated the "China price" to play in the international M & A effectiveness, but also greatly underestimated the complexity of integrating TCL Thomson sex.
Served as TCL and Thomson M & A Integration consultant Boston Consulting Group also noted that, while cost control and supply chain in Europe and the United States market has become very important, "but that does not mean that ability should be enough competition."
Let go TCL Thomson (Europe) continue to operate under the old mode of practice, lead to serious consequences. Lee admits that problems from last year, "quite some time, we do not quite understand where the real problem in the end."
One example is when there is loss, TCL Thomson (European) headquarters of the reasons given (China), delayed product launches. The headquarters was later discovered, TCL Thomson (Europe), the turnover is too slow to bear the front-end sales, the performance deterioration is one of the reasons. "Passing the buck, they have their responsibilities, leading to the headquarters of Europe in the end not clear where the disease is difficult to take effective measures to reform." Lee said.
"TCL start counting on playing Thomson brand, but Thomson is not strong in the European market appeal." Daiwa Institute of Research (Hong Kong) analysts He Weiji memories of his school in France ten years ago, the Thomson brand in home appliances industry lose out, since then has been Weidun. "Thomson was born in France, the old state-owned enterprises, competition is weak - not strong in metropolitan France, not the top three companies."
Li Dongsheng, I think, TCL Thomson (Europe), there is the issue of internal and external. External environment, the European household appliance market, rapid transition to the "flat" TV, but TCL have sufficient understanding of color TV technology trends to judge the "cause a very big mistake."
Flat products in the business model with the traditional CRT television is very different, making integration phase limited to "maintain the status quo" of the TCL Thomson (Europe) should be more less. Companies formed in the CRT business in the speed and operation mode process simply can not meet the flat-panel TVs.
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銆??鈥滄俯鍜屸?鏂规
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銆??浜︽湁瑙傜偣璁や负锛屾斁寮冪牬浜ф柟妗堝拰鏉庝釜浜烘?鏍间害鏈夊叧绯伙紝鈥滀粬涓嶆湇杈撯?锛屼竴浣嶉娓祫娣辫瘉鍒镐汉澹憡璇夈?璐㈢粡銆嬭鑰呫?
銆??鈥滃钩鏉库?杩滃咖
銆??灏界鎵胯姝ゆ娆ф床閲嶇粍鏄竴涓?闅惧緱鐨勭粡楠屾暀璁?锛屾潕涓滅敓琛ㄧず锛氣?鎴戣繕鏄涓哄浗闄呭寲鎴樼暐娌℃湁璧伴敊鈥濄?
銆??鏉庣殑淇″績锛屾潵鑷寳缇庝笟鍔″凡鍙栧緱澶ч噺鍑忎簭鐨勬垚缁╁拰瀵瑰钩鏉夸笟鍔＄殑璧㈠埄棰勬湡銆傛牴鎹爺绌舵満鏋凷ynovate鎶ュ憡锛?006骞?鏈?7鏈堬紝TCL姹ゅ閫婃棗涓婻CA鍝佺墝鍦ㄧ編鍥藉競鍦洪攢閲忔帓鍚嶇涓夛紝甯傚満浠介涓?%銆?br />
銆??鏉庝笢鐢熷銆婅储缁忋?琛ㄧず锛屽苟璐畬鎴愬悗锛屽寳缇庝笟鍔℃寔缁敼鍠勶紝浜忔崯宸蹭粠2004骞寸殑1.2浜跨編鍏冮檷鑷?005骞寸殑4500涓囩編鍏冿紝浠婂勾鐨勪簭鎹熼璁′粎鍦?100涓囩編鍏冨乏鍙炽?
銆??骞虫澘涓氬姟鏂归潰锛孴CL绉拌嚜鍘诲勾鍔犲ぇ浜у搧鐨勬妧鏈爺鍙戞姇鍏ュ悗锛屼粖骞?鏈堢殑鍥藉唴甯傚満浠介姣斿勾鍒濆闀夸簡涓??锛屽苟棣栨瀹炵幇浜嗚耽鍒╋紱鑰孴CL姹ゅ閫婁笁涓钩鏉夸骇鍝佸湪浠婂勾娆ф床鐢靛瓙灞曚笂鑾疯璁″锛屼害鈥滃潥瀹氫簡鎴戜滑鍦ㄦ娲茬户缁繚鎸佺殑淇″績鈥濄?
銆??骞惰喘姹ゅ閫婂僵鐢甸儴闂ㄧ殑纭?灏变簡TCL鍦ㄤ紶缁烠RT鐢佃棰嗗煙鐨勯緳澶村湴浣嶃?鎹爺绌舵満鏋刬Suppli鐨勬暟鎹紝浠婂勾涓?搴︼紝TCL姹ゅ閫婄殑CRT鐢佃閿?噺鎺掑悕宸插崌鑷冲叏鐞冪涓?紝鍗犲叏鐞冨競鍦轰唤棰?1.19%銆?br />
銆??浣嗗湪浠ｈ〃鏈潵鎶?湳瓒嬪娍鐨勫钩鏉夸笟鍔′笂锛屾槸鍚︾湡濡俆CL棰勮寰楅偅涔堜箰瑙傚憿锛?br />
銆??鎸塱Suppli浠婂勾涓?搴︽暟鎹紝骞虫澘鐢佃鍗犲叏鐞冨僵鐢甸攢閲忕殑姣旈噸涓?7%锛屽競鍦洪泦涓害鍗存槑鏄鹃珮浜嶤RT銆傚叏鐞冩帓鍚嶅墠鍏綅鐨勫钩鏉垮埗閫犲晢鍗犳嵁浜嗗钩鏉跨數瑙嗗競鍦鸿繎60%鐨勪唤棰濃?鈥斿叾涓病鏈変竴瀹朵腑鍥戒紒涓氥?
銆??澶у拰鎬荤爺(棣欐腐)鍒嗘瀽甯堜綍浼熷熀璁や负锛屼粠浼犵粺CRT鐢佃杞悜骞虫澘鐢佃锛屽涓浗瀹剁數鍘傚晢鍙兘鎰忓懗鐫?竴涓墠鎵?湭鏈夌殑鎸戞垬锛屽嵆鈥滀腑鍥戒环鏍尖?浼樺娍閫愭笎涓уけ銆備腑鍥藉鐢靛晢骞舵湭鎺屾彙骞虫澘鐢佃鐨勬牳蹇冩妧鏈紝鐢熶骇骞虫澘鐢佃鎵?渶闈㈡澘鍧囦緷璧栦簬浠庢棩闊╁強鍙版咕杩涘彛銆傛嵁浠栫О锛屸?涓?彴浠锋牸鍦?000-7000鍏冨乏鍙崇殑骞虫澘鐢佃锛岄潰鏉垮晢澶ф浼氭嬁璧?0%鈥濄?
銆??鐩墠锛屽钩鏉跨數瑙嗗競鍦哄凡缁忓嚭鐜颁緵杩囦簬姹傜殑杩硅薄锛屼笂娓告湁杩涗竴姝ユ暣鍚堢殑瓒嬪娍銆備竴鏃︽暣鍚堝畬鎴愶紝涓嬫父鐢佃鍒堕?鍟嗙殑鍒╂鼎灏嗚繘涓?鍙楀埌鎸ゅ帇銆?br />
銆??鈥滀袱涓棶棰樹細鍐冲畾TCL澶氬獟浣撳叕鍙歌兘鍚﹀嚭鐜拌浆鏈恒?鈥濆痉鎰忓織閾惰鍒嗘瀽鎶ュ憡鎸囧嚭锛屸?涓?槸娆ф床涓氬姟锛屼簩鏄钩鏉垮競鍦衡?銆?br />
銆??鏉庝笢鐢熺粨鏉熴?璐㈢粡銆嬬殑涓撹涔嬪悗锛岃繕瑕佸幓澶т腑鐢靛櫒鍙傚姞涓?釜钀ラ攢娲诲姩銆傚寙鍖嗗憡鍒墠锛岃鑰呴棶閬擄細鈥滃鏋滃啀鏉ヤ竴娆＄殑璇濓紝杩樹細鍋氬悓鏍风殑鍐冲畾鍚楋紵鈥?br />
銆??鈥滆繕浼氥?鈥濇潕棰旈锛屸?娌℃湁涓?釜涓栫晫绾х殑鍒堕?浼佷笟涓嶆槸璺ㄥ浗缁忚惀鐨勶紒鈥?br />
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