PROXIMITY TO CUSTOMERS IN ASIA: RENOLIT ESTABLISHES JOINT VENTURE IN CHINA
| Subj: Press-releses
RENOLIT has established a new Joint Venture in China which will further strengthen the Group’s position in the Chinese market. The deal with the Chinese trading partner Citiking and the former owner Dongtang was officially agreed and signed in Guangdong on March 31, 2019 and registered in the Chinese commercial register as Guangdong RENOLIT Citiking.
With about 1.4 billion inhabitants and a rapidly growing middle class, China is a major trading partner for the globally-active RENOLIT Group. “For us, China is an important market which we also want to invest in with innovative products. The Joint Venture perfectly fulfils the Group’s strategic objective of creating added value where our customers and markets are” says Michael Kundel, the Chairman of RENOLIT.
With a total of 60 employees, Guangdong RENOLIT Citiking has been manufacturing 2D and 3D films for decorative surface designs on three advanced printing and embossing machines respectively since April 1.
With this Joint Venture, RENOLIT is addressing two long-term strategic objectives: “With this transaction we are expanding our decorative surface capacities in China which, up to now, have been met by our production facility in Guangzhou. And secondly, we are closing a gap in our existing Chinese product portfolio with the accompanying know-how transfer for water-based printing and paint systems as well as Supermatt und High Gloss surfaces” adds RENOLIT Board Member Karsten Jänicke.
The Worms-based, family-owned company has been very active in China for many years. RENOLIT manufactures high-quality films for a variety of applications at a total of three other Chinese locations and employs almost 1,000 people there.