Wanxiang Group to halt pursuit of Apex Tool Group purchase
The Hangzhou, China-based Wanxiang Group, announced in late 2021 that they would no longer be pursuing the Bain Capital owned, Apex Tool Group (ATG). The year prior ATG exhibited a steep drop in EBITDA as well as other COVID-19 related issues. Moody’s had alwso downgraded Apex’s CFR to Caa2 from Caa1, citing they have a negative future outlook. Due to this the Wanxiang Group has ceased all interest in a deal with Bain Capital.
COVID|New Activity|ESGIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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