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China's auto parts industry tries to embed deeper into the global automotive manufacturing chain
In December 2005, the Zhejiang private company Wanxiang Group was interested in acquiring the assets of Delphi Corporation, the world’s second-largest auto parts and components company, and it really made many people happy.
In the past two months, due to unsustainable employee annuity and medical expenses, the 112-year-old Delphi and some of its US subsidiaries have formally filed for bankruptcy protection in local courts.
The industry generally believes that the "Delphi crisis" is mainly the result of the proliferation of GM's crisis in its buyers and former parent company; and the upstream to the downstream has already filled the entire American auto parts industry. Just hours before Delphi announced "bankruptcy protection," another large US automaker, Dana Corporation, also issued a profit warning. As Ford’s former subsidiary and major auto parts supplier, Visteon has not shown improvement since it received assistance from the former parent company Ford’s $8 billion in early 2005.
According to the statistics of the US Department of Commerce, the nationwide auto parts industry has been shrinking in 2004 and was soon replaced by imported products from India, Eastern Europe, Latin America and Mexico.
Just as the market thinks more that entering "bankruptcy protection" is just a necessary means for Delphi to reorganize and repair itself, it does not mean that when it really dies - a fund manager who administers a $ 3.1 billion bond fund to the US "Barron" weekly magazine. Said, "(Delphi) is a very, very good company, and it is still growing." Even so, the response rate of Chinese companies to the "Delphi crisis" has surprised many people.
As a veteran auto parts company ranked second in the "2005 China's auto parts company's top 100 comprehensive competitiveness", Wanxiang Group's operating income reached 15.2 billion yuan in 2003. This figure is clearly the same magnitude as Delphi's - Delphi’s operating income for fiscal 2004 was 28.87 billion U.S. dollars. Even if it only eats some of Delphi's assets, whether Wanxiang or other leading Chinese auto parts companies have the strength to digest is still a big question for the outside world.
In addition, from the perspective of the entire Chinese auto parts industry, does the “Delphi crisis†indicate that the global mid- to low-end auto parts manufacturing industry will accelerate its transition to Asia? At present, both Wanxiang and Delphi don’t comment on the acquisition, but industry insiders point out that this at least reveals the intention of the Chinese auto parts industry to deepen its involvement in the global auto manufacturing chain.
There are also some who don’t think it’s true. "The majority of speculation components," a domestic auto parts industry expert commented on "Finance", "The impact of Delphi's application for bankruptcy protection in China is still only on the psychological level." He pointed out that currently, from the global distribution of Delphi's business, Although it has more than a dozen factories in China, Delphi’s entire Asia-Pacific region accounted for only 3.9% of total revenue in 2004, compared with 68.6% in North America.
However, China's domestic statistics seem to show another picture.
Customs statistics show that from January to September 2005, China’s auto parts, accessories and body achieved a trade surplus of approximately US$168 million, automobile and motorcycle tires achieved a trade surplus of approximately US$2.415 billion, and other automobile-related commodities achieved a trade surplus of approximately US$1.678 billion. Dollars.
Zhang Xikang, chairman of Zhejiang Wanfeng Motorcycle Wheels Co., Ltd., told Caijing that the company has become China's first exporter of Indian industrial products. The average export volume of motorcycle parts to India is 500 per month. Millions of dollars.
“In 2005, there was a trend of increasing exports and shrinking imports of auto parts in China.†An investment bank analyst in Hong Kong told Caijing that “China is very hopeful to become a key market for future global auto parts exportsâ€. According to McKinsey estimates, the average annual growth rate of China's auto parts exports during the past three years is 25%. PricewaterhouseCoopers estimates that the global automaker plans to make annual purchases in low-cost regions including China, which will reach 50 billion U.S. dollars.
In fact, in terms of the main motivation for Delphi's entry into bankruptcy protection procedures, Wanxiang, although still a "lightweight" buyer, is not without a chance. Although American Auto Parts Company's wage level has been reduced by about 40% compared with American automakers, the average salaries of its workers are still at a high level—5 times that of Mexican auto parts workers and 10 times that of Chinese auto parts workers.
It is reported that one of the main purposes of Delphi entering bankruptcy protection is to force trade unions to make concessions in order to achieve substantial reductions in wage levels and welfare levels, and close some of the US factories. At the same time, Delphi filed for bankruptcy and also used restructuring to spin off non-core businesses and to shift production to low-cost areas - the latter, which is the "opportunity" of universals.
From the perspective of past mergers and acquisitions, Wanxiang has always adopted the “equity-for-market†strategy, that is, through the purchase of the vehicle company's supply system. In 1999, Wanxiang’s Wanxiang Qianchao Co., Ltd. acquired Wuxi Wanxiang Automobile Brake Co., Ltd. through acquisition, and directly entered the two-engine Shenlong Fukang supporting system. In 2003, Wanxiang successively acquired the shares of two American auto parts companies, namely, Rokford and GBC, and formed a strategic cooperation relationship with international auto parts suppliers such as TRW and DANA.
Currently, Wanxiang already holds six American manufacturing companies.
"Wanxiang has a small system in the United States. The acquisition of Delphi's assets may help it to enter Delphi's 'supporting system'." Yan Lixing, secretary general of the former All-China Federation of Industry and Commerce Automobile (Motorcycle) Parts Trade Association, told Caijing. judgment.