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NORMA Group Acquires Majority Stake in Manufacturer of Joining Products in China
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2017-04-06
NORMA Group signed a purchase agreement to acquire 80 percent of the shares in Fengfan Fastener (Shaoxing) Co., Ltd. (“Fengfan”), based in Shaoxing City, China, on March 28, 2017. The details of the agreement are confidential and will not be published. The transaction is expected to close in the second quarter of 2017. Founded in 1988, Fengfan manufactures joining products made of stainless steel, nylon and specialty materials. Its portfolio includes cable ties and fastening elements, for example.
“With the acquisition of Fengfan, we are expanding our product portfolio and our position in the Chinese market,” says Werner Deggim, CEO of NORMA Group. With around 190 employees, Fengfan supplies to customers in the shipbuilding and heavy industries as well as to manufacturers of transport vehicles. Its products are marketed on the domestic Chinese market and exported to other countries. Its preliminary annual sales amounted to around EUR 15 million in 2016. Fengfan has a production and sales site in Shaoxing City in the Zhejiang Province.
“With the acquisition of Fengfan, we are expanding our product portfolio and our position in the Chinese market,” says Werner Deggim, CEO of NORMA Group. With around 190 employees, Fengfan supplies to customers in the shipbuilding and heavy industries as well as to manufacturers of transport vehicles. Its products are marketed on the domestic Chinese market and exported to other countries. Its preliminary annual sales amounted to around EUR 15 million in 2016. Fengfan has a production and sales site in Shaoxing City in the Zhejiang Province.
