Feb. 05, 2021 - 2020 has passed, but the impact of COVID-19 has not yet completely subsided, perhaps in order to expand sales, or in order to enable enterprises to survive and develop, one after another companies choose to rely on big capital and be acquired by the head enterprises of the industry.
Globe Union acquired more than half of the equity of Paokin
In June 2020, Shenzhen Globeunion Enterprise Co., Ltd. (Globe Union) announced that it would subscribe for 51% of the shares of Paokin, a Thai subsidiary of Hai Kin, with an investment cap of $14.768 million or the equivalent of Thai baht. It is reported that the two parties will jointly invest $28 million to build a leading hardware production base, which is expected to be shipped in 2021. In this merger, Globe Union’s equity accounted for 51%. Hai Kin equity accounted for 49%, the joint venture is expected to start shipments in 2021.
JOMOO acquired the 100 - year - old cabinet brand Poggenpoh
On July 13, 2020, the German company of JOMOO took over the top cabinet brand Poggenpoh in Germany. Poggenpoh is the oldest cabinet manufacturer in Germany and one of the four top kitchen brands in the world. Gernot Mang, CEO of Poggenpoh, made it clear that Poggenpoh will work with JOMOO to expand international projects, enter the field of high-end and luxury kitchens, promote the coordinated development of kitchen and sanitary products, and provide one-stop design of different spaces.
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