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HK's Johnson 'bidding for GE unit'
HONG KONG, China (CNN) -- Hong Kong-based small motor manufacturer Johnson Electric Holdings and U.S. investor Bain Capital are bidding about $750 million for the motor manufacturing division of General Electric, according to a report. Johnson Electric, which is controlled by the family of CEO Patrick Wang, said last month it was considering a possible investment in a U.S. motor business. In a statement on February 14, Johnson Electric said it had made a "preliminary expression of interest" to consider the possible investment. Trading of its shares on the Hong Kong Stock Exchange was briefly suspended ahead of that announcement. Its shares closed Monday at HK$8.70, unchanged from the previous day. It touched a one-year low of HK$7.00 last October. Johnson Electric, founded in 1959 by Wang Seng Liang and his wife Wang Koo Yik Chun , pioneered the manufacture of high quality micromotors in Hong Kong. It moved much of its production to China in 1982 and now makes motors in ten countries, including the U.S. Its production capacity is about 1 billion micromotors a year and it is likely to be the largest independent maker within two years. Seeking a buyerGE recently hired Lehman Brothers to find a buyer for its motors division, which it regards as a non-core component of its business. Reuters news agency, quoting people familiar with the situation, reported from New York that Boston private equity firm Bain was teaming up with Johnson Electric. Bain Capital is one of the largest private equity firms with more than $14 billion under management and often teams up with other buyers in deals, Reuters reported. Reuters contributed to this report.
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