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Latham & Watkins advises CLAAS on Acquisition in China

(PresseBox) (Frankfurt am Main, ) The international law firm Latham & Watkins LLP has, led by Hong Kong corporate partner Kenneth Chan, advised CLAAS, one of the world's leading manufacturers of agricultural engineering equipment, on its acquisition of a majority stake in Shandong Jinyee Machinery Manufacture Co. Ltd. (Jinyee), a leading privately owned agricultural machinery manufacturer in China, which will now operate under the firm name CLAAS Jinyee Agricultural Machinery (Shandong) Co. Ltd. Jinyee operates two main manufacturing facilities in Gaomi and Daquing for several kinds of harvesting machines, in particular for harvesting corn and wheat. Both sites are located in the core agricultural regions in Central and Northeastern China. In 2013, Jinyee, which was founded in 1958, expects sales of approximately €90 million and has more than 1,100 employees in total, and operates a comprehensive sales and service network in Central and Northern China.

CLAAS is a family business founded in 1913 and is one of the world's leading manufacturers of agricultural engineering equipment. The contact with the Hong Kong office was established through finance specialist Dr. Philipp von Randow, one of the founding partners of the Frankfurt office of Latham & Watkins, who has worked with CLAAS over many years and retired recently. Prior to the current transaction, Latham & Watkins had advised CLAAS in connection with a €250 million promissory note.

Advisors to CLAAS KGaA mbH:

Latham & Watkins LLP, Hongkong: Kenneth Chan (Lead, Corporate, Hong Kong) and Linda Zheng (Corporate, Beijing).

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