The Chinese industrial holding company Boer Power Holdings Ltd. has acquired shares in Grupo Temper from Asturias, a company that was immersed in insolvency proceedings and that, thanks to this transaction, has been able to restart its business activities.

The transaction, which has led to the hiring of part of the existing management team at Temper, also marks the first Chinese-funded investment in Asturias, and is also one of the first industrial investment operations by a group from China to be made in Spain.

Thus, Temper is returning to the electrical equipment market as a financially sound company, this time as part of an international group that already has five factories and 1,700 workers.

Boer Power, based in Wuxi (China), is a company that designs, manufactures and markets low and high voltage electrical equipment, and although it has been listed on the Hong Kong Stock Exchange since 2011, it has not lost the family company approach it has had since its founding in 1985.

The president and main shareholder of Boer Power, Qian Yixiang, visited Asturias several times this year, where he held a number of meetings with the regional government, and was able to visit some of the strategic infrastructure elements in the Principality, including the Port of Gijón.

The President, Qian Yixiang, believes that Asturias offers a combination of factors that were decisive when it came to making their investment, highlighting the following: its strong industrial tradition, the cultural closeness with South America and the easy access to markets in Africa and Europe by sea.

The establishment of Boer Power in Asturias, which is the first investment by the group outside China to occur as part of its progressive internationalisation, will be focused on the warehouses in the town of Granda, where Temper originated.

From there, a renewed management team consisting of former executives from the Asturian group and new managers coming out from China will lead the restarting of Temper’s activities and its integration into the structure of Boer Power.