JONES: INVESTIGATE COMMUNIST CHINESE TAKEOVERS OF AMERICAN DEFENSE MANUFACTURERS

Feb 26, 2016

Washington, D.C. – This week, Congressman Jones (NC-3) urged U.S. Treasury Secretary Jack Lew to apply robust scrutiny to communist Chinese bids to take over American defense manufacturers.  While Chinese acquisitions of American companies are skyrocketing at an alarming rate this year, Chinese acquisitions of defense manufacturers spark additional concern.  One such bid by the Chinese company Zoomlion to buy Terex, which manufactures heavy equipment for the Department of Defense (DoD), would give the communist Chinese government access to information about the DoD.  The Committee on Foreign Investment in the United States (CFIUS), chaired by Secretary Lew, has the power to reject the Chinese acquisition bids.

“The national security implications of these communist Chinese takeovers of American defense manufacturers are troubling.  The federal government must thoroughly scrutinize foreign purchases of American companies that provide important resources to American service members,” said Congressman Jones.  “While our brave men and women are protecting us abroad, it is imperative that we protect them at home.”

Congressman Jones has consistently fought against the efforts of communist China to buy up strategic American businesses.  Just last week, Congressman Jones joined his colleagues in urging Secretary Lew to hold a federal investigation into a Chinese firm’s planned acquisition of the Chicago Stock Exchange.  In 2013, Congressman Jones fought the Chinese purchase of Smithfield Foods, Inc., the world’s largest pork producer and processor.  Despite his efforts, the merger was finalized and was the largest-ever acquisition of an American corporation by a Chinese company.

Click below to read Congressman Jones' letter to Secretary Lew.