Shanghai Electric Group to acquire Ningsheng Industrial for CNY3.1bn.

Shanghai Electric Group, a company that designs, develops, and manufactures thermal, nuclear, and wind power equipment in China, agreed to acquire Ningsheng Industrial, the shareholding management platform behind Chinese factory automation solution provider Fanuc Robots and Fanuc International Trading, for CNY3.1bn. The acquisition will help Shanghai Electric Group and its subsidiary further the strategic layout of the automation equipment industry in the fields of lithium battery, photovoltaic, aviation, and automobile manufacturing.