Homag Group acquires 75% stake in Homag China Golden Field
Homag Group,Homag China Golden Field,merger
Homag Group acquires remaining 75% of shares of its sales and service partner Homag China Golden Field (HCGF). The merger is expected to be effective in autumn 2020 subject to local regulatory approvals.
With 450 employees, HCGF joins Homag Group in China to form one united organisation. In this new setup, a team of 750 employees in total will serve Chinese customers.
Within China, Homag is the only international provider with a full-scope organisation including engineering, production, sales and service.
Pekka Paasivaara, CEO Homag Group, says: “China as the largest furniture manufacturer in the world is an important strategic market for Homag. With this integrated organisation and its highly skilled people Homag is well prepared to meet the future needs of the Chinese market in terms of growth, increasing automation and digitalisation.”
The Homag Group is the world's leading provider of integrated solutions for production in the woodworking industry and woodworking shops.