Han's Laser purchases Israel's Nextec as overseas expansion effort
Han's Laser Technology Co, one of Apple Inc's Chinese suppliers, acquired Israel's Nextec Technologies. The deal is part of the Chinese firm's efforts to expand in the market of laser measurement devices for the aircraft industry, according to Bloomberg.
Geo Yunfeng, Han's Laser's president, did not confirm the exact value of the transaction. He only said the company spent a few million in American dollars for the Israeli firm. Nextec president Danny Shacham declined to comment further on the acquisition deal, the report stated.
The shares of Han's Lasers slipped 0.2% during the 11:30 am break local time. The stock increased 55% this year, the report said.
Meanwhile, Chinese firms are seeking overseas expansion amid slower local growth. In 2013's first 10 months, China's outbound investment soared 20% to $69.5 billion, according to last month's Ministry of Commerce data. In November, Commerce Ministry Gao Hucheng said overseas investment may climb up to $100 billion this year and surpass foreign direct investment in the near future, wrote Bloomberg.