GreatStar Technology announced that Hong Kong GreatStar International Co., Ltd., a wholly-owned subsidiary of the company, acquired 100% equity of Geelong Holdings Limited held by Lanxin Asia Investment Management Group Co., Ltd. at a transaction price of US$128.24 million.
It is reported that Jilong was established in 1993, and its sales channels cover large supermarkets such as Home Depot, Menards, and Walmart. It has reached long-term cooperation agreements with major customers. The average cooperation period of major customers exceeds 15 years. Jilong is also a service-oriented company. Relying on the localized sales team in the United States, it provides localized one-stop services for major supermarket customers and improves customer stickiness.
On July 2, the two parties held an equity delivery ceremony in Zhongshan, Guangdong, and completed the equity delivery in accordance with the equity purchase agreement. Attending the closing ceremony were Wang Weiyi, senior vice president of GreatStar Technology, and Zhang Minhui, representative of Lanxin Asia.
In the picture, the fourth from the left is Zhang Minhui, the representative of Lanxin Asia, and the fourth from the right is Wang Weiyi, senior vice president of GreatStar Technology.
The acquisition was unanimously approved by the management of both parties. Ms. Zhang Minhui, the representative of Orchid Asia, expressed her gratitude to the Geelong management team for their hard work in the past and wished the GreatStar to lead Geelong to a better future.
Wang Weiyi, senior vice president of GreatStar Technology, said that Geelong is welcome to join the GreatStar family, and the company will strengthen cooperation with Geelong in the storage cabinet business in the future.
According to the announcement, the company entered this new field through the acquisition of Lista, a leading European storage cabinet brand, in 2018. Through active industrial integration and channel expansion, the company's storage cabinet business achieved an operating income of 939 million yuan in 2020. In the future, with the help of the rich experience and comprehensive capabilities accumulated in industrial mergers and acquisitions and business integration, the company will collaborate with Geelong in research and development, supply chain management and production capacity, and will accelerate the improvement of the company's global storage while achieving rich investment returns. Market share of the container business.
