On 28 March 2017, Norma Group announced that it signed an agreement to acquire 80% of Fengfan Fastener (Shaoxing) Co Ltd, a manufacturer of joining products in China, for an undisclosed sum. Subject to regulatory approvals, the transaction is expected to close in the second quarter of this year.
Pickering Pacific advised Norma Group on this transaction.
Norma Group is a global market leader in engineered joining products. The company manufactures more than 35,000 products in 100 countries with over 6,700 employees.
Fengfan Fastener (Shaoxing) Co Ltd is based in China, and principally manufactures joining products made of stainless steel, nylon and specialty materials. Its products can be segmented into two main categories: cable ties and fabric products. Fengfan had sales of around EUR 15m in 2016.
“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.”
You can access Norma Group’s press release here