Woodbridge Buys-Out Joint Venture Partner in China to Enhance Regional Growth Opportunities
September 22 2019 - 7:00PM
JCN Newswire (English)
TROY, MI, Sept 23, 2019 - (ACN Newswire) - Woodbridge, a global
systems solution provider of fully-integrated foam products,
announces it has entered into a formal agreement to acquire all the
shares in its joint venture, Woodbridge GSK High Polymer Technology
Co., Ltd. (WGSK), from its partner GSK Corporation. The transaction
will enable Woodbridge to enhance its growth opportunities with its
customers located in China.
Upon regulatory approval, GSK's shares will be transferred to
Woodbridge. The acquisition includes molded foam manufacturing
operations in China: Wuhan (WGSK), Guangzhou (Guangzhou Woodbridge
GSK High Polymer Technology Co., Ltd.) and Shanghai (Shanghai
Woodbridge GSK Auto Parts Co., Ltd.).
"Woodbridge has been the management partner and technology provider
of these three sites for 14 years," said Woodbridge president and
CEO Charles Daly. "These facilities will allow our technical
expertise, operational excellence and proven track record to
continue to be a powerful platform to accelerate growth within the
region."
According to Greg Yan, Woodbridge general manager, China, "On
behalf of the entire team, I would like to thank GSK for their
partnership and wish them continued success. Today marks an
exciting chapter for us and reflects the collective efforts of our
entire team and we look forward to our future in China."
Following the completion of the sale, Woodbridge will continue to
supply molded foam to GSK's seat assembly operations.
About Woodbridge
Woodbridge is a privately-owned company offering innovative
material technologies for applications in automotive, commercial,
recreational, packaging, healthcare and building products. In
addition to its manufacturing operations, Woodbridge offers a full
complement of services including: chemical research and
development, product and process engineering, tooling, technical
support and accredited laboratory testing. Woodbridge operates more
than 60 facilities across 10 countries-employing over 7,500
teammates and serving more than 600 customers worldwide. To learn
more, visit woodbridgegroup.com.
Media Contacts:
Eric Turmel, Marketing Manager
(248) 280-6322
eric_turmel@woodbridgegroup.com
Greg Yan, General Manager, China
011-86-21-3173-5912, ext. 6522
greg_yan@woodbridgegroup.com
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/48006
Source: Woodbridge
Copyright 2019 ACN Newswire . All rights reserved. |
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