NORMA Group has successfully completed the acquisition of Fengfan Fastener Co Ltd (“Fengfan”).
Headquartered in Shaoxing City, China, Fengfan produces joining products made of stainless steel and plastic as well as speciality textiles. NORMA Group agreed to purchase 80% of Fengfan's shares in March of this year and the authorities have now approved the acquisition.
“We are consistently advancing our international expansion," explained NORMA Group CEO Werner Deggim. "After having acquired and successfully integrated companies in Malaysia and Australia, we are now strengthening our presence in the important growth market of China with the majority stake in Fengfan.”
Fengfan was consolidated in the second quarter of 2017. Fengfan markets its products in the Chinese market and exports to other countries. Their approximately 190 employees produce cable ties, fastening elements and specially coated, fire-resistant textiles. Many of Fengfan’s customers come from shipbuilding and heavy industry.
