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Miller Canfield Served as Lead Counsel in Multiple Chinese Investment Deals in the U.S. Totaling Over $550 Million
The law firm of Miller Canfield announces that it served as lead counsel and closed its fourth Chinese investment deal in the U.S. in the past year totaling over $550 million.
Miller Canfield assisted with the following deals with Chinese investors:
- Fuyao Glass – On May 15, 2014, Miller Canfield assisted Chinese automotive glass manufacturer Fuyao Glass in acquiring a portion of a former GM light duty truck plant in Moraine City, Ohio. Fuyao plans to build an automotive glass facility, investing over $200 million dollars and hiring 800+ employees. “The news on Fuyao and IRG closing on the sale of the building is another big step for job creation and record setting capital investment in the Dayton Region,” said Jeff Hoagland, president and CEO of the Dayton Development Coalition, in the Dayton Daily News. This was the largest investment made in Ohio in the past two years.
- Zhongshan Broad-Ocean and Phoenix Capital Management – In January 2014, Miller Canfield assisted Chinese micro-motor manufacturer Zhongshan Broad-Ocean and Phoenix Capital Management in acquiring Prestolite Electric Incorporated (PEI) to expand its motor and new energy automotive components. PEI is a Michigan-based supplier with business operations in the U.S., U.K. and China.
- Rongshi International – In April 2014, Miller Canfield assisted China’s SDIC-owned Rongshi International in acquiring ABC Group Fuel Systems, Inc. (GFS) from ABC Group, a Canada-based, tier-one supplier. GFS is a Tennessee-based supplier with business operations in the U.S., Canada and Mexico.
- Yanfeng USA – In April 2013, Miller Canfield assisted Yanfeng USA Automotive Trim Systems, a subsidiary of Yanfeng Visteon of China that supplies parts to major OEMs, with its build of a production facility in Riverside, Missouri, creating approximately 300 jobs. This is the third plant for Yanfeng in the U.S.; the other two are located in Michigan with about 300 employees. Missouri Gov. Jay Nixon said in a statement that the announcement is excellent news for Missouri’s automotive industry sector and economy as a whole.
Miller Canfield represents a majority of the Chinese investment in the Midwest. “We continue to see strong Chinese interest in investing and building or establishing their North American footprint, especially in the automotive industry in the Midwest,” said Wang. “We are pleased to have helped these companies further their business goals, while building stronger communities.”
The Miller Canfield legal team was led by corporate/M&A principals Brad B. Arbuckle (Troy, MI), Richard A. Walawender (Detroit, MI) and Shusheng Wang (Troy, MI), as well as real estate principal, Ronald E. Hodess (Troy, MI).