Schweiter acquires majority stake in joint venture in China
21 December 2023 11:09
The composite materials manufacturer Schweiter Technologies is acquiring a majority stake in the newly founded joint venture Jiangsu ZNL Coating New Materials. According to a statement, the Steinhausen-based company is acquiring 60 per cent of Jiangsu ZNL, with the option to purchase the remaining 40 per cent of the company's shares. The purchase price for the 60 per cent stake is in the mid-single-digit million Swiss franc range, the statement writes. The acquired company employs around 50 people and will generate net sales of around 15 million Swiss francs in 2023. The company is based in Changzhou in Jiangsu province.
The acquisition strengthens the architecture business of the Schweiter Technologies Group and creates growth opportunities in China and the Asian markets. The architecture business generated 19 per cent of the group's global sales in 2022.
Jiangsu ZNL Coating New Materials is a manufacturer of aluminum panels that offers high-quality, multi-colored facade solutions. According to the company statement, the acquisition complements the solution portfolio in the architectural sector. 3A Composites Architecture, a global provider of high-quality aluminum composite materials for building façades, roofs and corporate identity solutions that is part of the Schweiter Technologies Group, is also active in this area.
With its 3A Composites division, Schweiter Technologies specializes in composite materials. 3A Composites manufactures extruded and cast plastic as well as lightweight panels, aluminum composite panels for facades, and core materials based on balsa wood and PET foam. It focuses on the display, architecture, wind energy, marine, transportation and industrial markets. ce/gba