HNA's Tianjin Tianhai says reports that firm plans to sell Ingram Micro are false

By Kitco News / January 14, 2018 / www.kitco.com / Article Link

SHANGHAI, Jan 14 (Reuters) - Tianjin Tianhai Investment Co Ltd , a unit of Chinese aviation and shipping conglomerate HNA Group , said on Sunday that media reports that the firm planned to sell Ingram Micro were false.

The firm said the company was not involved in a situation as described by Chinese media reports, which said Tianjin Tianhai was looking to sell its U.S. electronics distributor subsidiary, Ingram Micro Inc, to Synnex Corp .

"Ingram Micro is an important, strategic investment project to the company and is a key cornerstone and asset to the company's transformation and development," it said in a statement to the Shanghai Stock Exchange.

It said that Ingram Micro's operating income in the third quarter grew 10.79 percent year-on-year and net profits rose 6.14 percent over the same period.

Tianjin Tianhai bought Ingram Micro last year for about $6 billion. The company on Friday halted share trading and said that it planned to disclose a "major plan". (Reporting by Brenda Goh, editing by Louise Heavens)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Recent News

Gold stocks down as risk on move continues

May 05, 2025 / www.canadianminingreport.com

Mixed outlook for resources on new Canadian government

May 05, 2025 / www.canadianminingreport.com

Gold's Bull Market Pullbacks

April 28, 2025 / www.canadianminingreport.com

Gold stocks down on metal drop

April 28, 2025 / www.canadianminingreport.com

Investment banks ahead of the gold price, institutions still behind

April 21, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok