English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 23 September 2019, 08:00 HKT/SGT
Share:
    

Source: Woodbridge
Woodbridge Buys-Out Joint Venture Partner in China to Enhance Regional Growth Opportunities

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
[email protected]

Greg Yan, General Manager, China
011-86-21-3173-5912, ext. 6522
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48006

Topic: Press release summary
Sectors: Chemicals, Alternatives, Venture Capital
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
Fujitsu, SMU and A*STAR Launch Digital Platform Experimentation Project using Quantum-Inspired Computing and Deep Learning Technology  
Oct 22, 2019 04:00 HKT/SGT
2019 World Conference on VR Industry held in Nanchang, China  
Oct 22, 2019 03:00 HKT/SGT
Late-Night #CashDrop: Hunt for $1,000 Cash Every Hour between 7pm and 11pm, 25 to 27 October at Sentosa Island  
Oct 21, 2019 19:30 HKT/SGT
The 16th JCB World Conference Held in Hawaii  
Oct 21, 2019 18:40 HKT/SGT
Hitachi: Company Split of the Analysis Contract Service Business and the Transfer of Stock of the New Company  
Oct 21, 2019 17:10 HKT/SGT
2019 World Conference on VR Industry held in Nanchang, China  
Oct 21, 2019 02:00 HKT/SGT
Hong Kong International Optical Fair opens in November  
Oct 18, 2019 20:00 HKT/SGT
Toyota Yaris WRC Set for Crucial Mixed-surface Spectacular  
Oct 18, 2019 16:37 HKT/SGT
2019 Hong Kong ESG Reporting Awards Winners Announced  
Oct 18, 2019 16:00 HKT/SGT
Overview of Honda Exhibits at the 26th ITS World Congress 2019 in Singapore  
Oct 18, 2019 14:46 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2019 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6653 1210 | Tokyo: +81 3 6859 8575