Global Sources Acquires Stake in Chinese Machinery Exhibition

May 6, 2013

NASDAQ-listed Global Sources announced an agreement has been made to acquire a proportion of the Shenzhen International Machinery Manufacturing Industry Exhibition (SIMM) and its related trade shows. According to the terms of the agreement, Global Sources will acquire a 70% stake in the Shenzhen International Machinery Automation Exhibition and the Shenzhen International Mould Making Technology & Product Exhibition, and a 56% stake in the Shenzhen International Cutlery & Tools Exhibition and the Shenzhen International Metal Processing Industry Exhibition.

Subject to closing conditions, the cost of the acquisition will range from approximately US$11 million to US$16 milliondepending on the level of its performance. The last edition of SIMM was held from 28th to 31st March 2013 at the Shenzhen Convention and Exhibition Center, and attracted around 4,600 booths and more than 75,000 visitors.

Merle A. Hinrich, executive chairman of Global Sources, stated, “Our ownership interest in SIMM further assists us to establish a strong presence in a fast-growing market in China. With SIMM’s dominant presence in the machinery industry, combined with Global Sources’ globally established media platform, the partnership enables both parties to take advantage of this exciting opportunity.”

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MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.    Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.    Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.   The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.    MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.     MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.