Bobst Group, owner of 65 percent of Gordon Ltd. since 2011, will purchase remaining share to fully acquire the Hong Kong-based company.
October 15, 2015
by Canadian Packaging staff
Bobst Group has announced it will, before the end of the year, exercise its option to purchase from Gary Tseng the remaining 35 percent of the Gordon Ltd. shares, the Hong Kong-based holding company of Shanghai Eternal Machinery Co. Ltd. Further financial details have not been disclosed.
Tseng will remain managing director in charge of the operations as before. Both parties have agreed not to disclose any information concerning the conditions of the transaction.
Philippe Milliet, head of BOBST Business Unit Sheet-fed and member of the Group Executive Committee says: “We are very happy with the development of Gordon during the past five years. Gordon has developed new products and reinforced his market position under the strong leadership and vision of Gary Tseng. We are looking forward continuing to take advantage, under an adapted governance due to change in shareholding, of the huge experience of Gary.”
During the cooperation with BOBST along the past five years, Gordon has made significant improvements in product range and market presence, with Tseng noting that the new situation will allow Gordon to better concentrate on the further development of its Eterna and Brausse products and markets.
The BOBST and Eterna product ranges have a high degree of complementary—diecutters, folder-gluers, foil stampers et al—and the two companies will each continue to develop technologically advanced products and services that answer the business needs of their respective customers.
The brand identities, management teams, sales and service organizations of both companies will remain separate, thus ensuring continuity in the relationships between customer, BOBST and Eterna.
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