Chinese Conglomerate HNA Group to Buy Ingram
Global tech distributor and supply-chain services giant Ingram Micro will be acquired for about $6 billion by Tianjin Tianhai, a logistics provider that is part of Chinese conglomerate HNA Group. The transaction is expected to close in the second half of this year. Ingram Micro will operate as a subsidiary of Tianjin Tianhai, whose largest stockholder is HNA.
HNA Group generated 2015 revenues of $29 billion through its interests in aviation, tourism and logistics. It employs almost 180,000 people worldwide.
Ingram expects to remain headquartered in Irvine, Calif., with Ingram’s executive management team in place, including Monié continuing as CEO. All Ingram Micro lines of business and all regional and country operations “are expected to continue unaffected,” Ingram added.
Ingram posted 2014 revenue of $46.5 billion and net income of $267 million. For the first three quarters of 2015, Ingram posted $31.7 billion in revenues, down 2.5 percent, and net profit of $73.9 million, down 50 percent.
According to the CEO Alain Monié of Ingram, Ingram Micro “will have the ability to accelerate strategic investment” and add “expertise, capabilities and geographic reach” It operates 122 distribution centers around the world in 160 countries, and will become the largest enterprise within HNA in revenue.
Ingram operates 122 distribution centers around the world in 160 countries, and will become the largest enterprise within HNA in revenue.