NORMA Group acquires majority stake in manufacturer of joining products in China
Maintal, Germany/Shaoxing City, China, March 28, 2017 - NORMA Group, a global market leader in engineered joining technology, 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 The details of the agreement are confidential and will not be published. Subject to approval by the relevant authorities, 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, fastening elements and specially coated, fire-resistant textiles, for example. The company uses cutting, coating, casting and injection molding processes in production.
"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. "We are thus working towards our long-term goal of achieving further geographic, product and sector-specific diversification of our business."
"We look forward to cooperating with NORMA Group. We are confident that the joint venture will enable both companies to realize their strategic objectives. By working together, we will get access to NORMA Group's global distribution network and market our products globally," says Mr. Zhu Jialin, founder and CEO of Fengfan. 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.
Additional information on NORMA Group is available on www.normagroup.com. Press photos are available from our platform on www.normagroup.com/images.
NORMA Group SE
Tel.: +49 (0)6181 - 6102 747
About NORMA Group
NORMA Group is a global market leader in engineered joining technology. The company manufactures a wide range of innovative connecting solutions and water management technology offering more than 35,000 products to customers in 100 countries with around 6,700 employees. NORMA Group helps its customers and business partners to react to global challenges such as climate change and increasing scarcity of resources. NORMA Group joining products can be found in vehicles and trains, ships and aircraft, buildings and water management as well as in applications for the pharmaceutical and biotechnology industry. The company generated sales of around EUR 895 million in 2016. NORMA Group operates a global network of 28 production facilities as well as numerous sales and distribution sites across Europe, the Americas, and Asia-Pacific. NORMA Group has its headquarters in Maintal, Germany. NORMA Group SE is listed on the German stock exchange (Prime Standard) and included in the MDAX index.
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