Aerospace Shenzhen charts acquisition plans

Aerospace Science & Industry Shenzhen Group Co, a major power equipment provider in the country, is planning to acquire two leading domestic power meter manufacturers, as part of its efforts to cash in on the looming trillions yuan-size smart grid construction market.

Aerospace Shenzhen, a subsidiary of one of the country's biggest defense contractors, will buy Shenzhen Techrise Electronics Co and Xi'an Liangli Instruments Co to strengthen its leading position in the smart meter market, top company officials said.

The deal is still not yet wrapped up but is expected to be closed very soon, said Xie Weiliang, general manager of Aerospace Shenzhen, without disclosing financial details.