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Forbo to strengthen presence in China

Published on 2006-01-10. Author : SpecialChem

Baar / Switzerland -- Forbo has acquired 100 % of the Chinese adhesives business Victa Technology Holdings Limited.

This acquisition provides Forbo with an industrial platform to strengthen the group' s presence with adhesives in the Greater Chinese market. The Chinese company Victa produces and distributes adhesives for the converting, packaging and woodworking industries and has production facilities in Guangzhou and Shanghai. Victa was founded in 1996 and in 2004, recorded sales of some CHF 17 million. The parties agreed on not disclosing information on the purchase price.

Forbo is already represented in China with a belting production plant in Shenyang in the north of the country, and with a sales organization for floor coverings and adhesives in Shanghai. With the acquisition of Victa, the number of Forbo employees in China will rise to over 350.

Pierfranco Di Gioia, General Manager of Forbo Adhesives Asia- Pacific commented, "We are extremely pleased to complete the acquisition of this leading developer and producer of high performance hot melt and water based adhesives. This acquisition is a key milestone to expand Forbo' s adhesives business in Greater China as it provides the industrial platform to broaden our technology base in the region and, at the same time, our product portfolio towards more customized solutions for the Chinese market".

Forbo is a leading producer of floor coverings, adhesives and beltings. The company employs some 5,500 people and has an international network of production companies and sales organizations in 31 countries. Forbo' s Head office is in Baar / Switzerland. Net sales in 2004 were CHF 1,622.3 million. The holding company - Forbo Holding AG - is listed at the SWX Swiss Exchange.

Source: Forbo

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