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Lombard
Media
In the News: 2007Lombard Announces $18.2 Million Investment in SNC Former PCL San Francisco, California Lombard Investments, Inc. is pleased to announce an investment of US$18.2 million in SNC Former Public Company Limited, (ticker symbol SNC.BK), Thailand's leading manufacturer of air conditioner parts for the automotive and housing industries. Lombard, now holding a 16.6% interest in SNC, will join the company's board of directors at its first meeting in 2008. Lombard injected new capital through a privately-negotiated placement of 40 million shares. SNC will use the proceeds to fund capital expenditure programs and increase working capital. In addition, Lombard acquired 10 million existing shares from the major shareholder. "We are very pleased to become SNC's partner as the Company continues to expand and benefit from a positive industry outlook," commented Mr. Thomas Smith, Managing Director of Lombard. "Thailand is currently the world's second largest exporter of air conditioners after China, with a 14% market share of global production. The global residential air conditioner industry grew by approximately 7.1% per annum in 2002-2006 and further strong gains are expected over the next several years. We believe SNC is well positioned to capture a significant portion of this growth, and the Company's highly progressive management, plus its state-of-the-art manufacturing plants, will ensure SNC will remain highly competitive in the years to come." About SNC Former PCL: Founded in 1981, SNC produces a full range of piping systems for automotive and residential air conditioners. The company enjoys a 70% market share in copper piping systems for residential air conditioners, and is Thailand's only large scale producer of aluminum piping serving a diversified list of auto manufacturers. Since 2004, the company's sales revenue has grown at more than 50% per annum, driven by both new business as well as increased orders from long-term customers including top-branded air conditioner makers Mitsubishi, Fujitsu and LG. Most recently, SNC entered into the Original Equipment Manufacturer (OEM) air conditioner business by acquiring assets from York Industrial (Thailand). (www.sncformer.com) About Lombard Investments: Lombard is a leading international private equity investment manager with offices in Bangkok, Hong Kong and San Francisco. Formed in 1985, Lombard has made more than 75 controlling and significant minority investments in Asia and North America. The firm's investors include some of the world's largest and most respected financial institutions, major pension funds and corporations, as well as family offices in Asia, North America and Europe. Lombard made its investment in SNC through Lombard Asia III, the firm's South East Asia and Greater China private equity fund. (www.lombardinvestments.com) More information is available by contacting:
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2010 Lombard |