Soudal expands into Asia
With economic growth figures over 10%, the Chinese market of course interests Soudal particularly. In order to develop a presence on this market, Soudal decided to take over a local manufacturer of PU foams.
Soudal signed an agreement to take over Shija, the third largest player in PU foams on the Chinese market. This deal still needs to be finalized and could already be approved by the Chinese authorities this summer. Soudal expects to close the take-over by September.
In the presence of Flemish Prime Minister Kris Peeters, the president of Soudal, Mr.
Vic Swerts and Mr. Ni, CEO of Shija, signed the agreement on Monday May 25th, in
Shanghai. The ceremony was attended by numerous people including the mayor of
Shanghai as well as the Belgian consul and ambassador and people from local and Belgian press.
Shija is one of the major manufacturers in
China with over 10 million cans of PU foam annually. With its strong growth, this market is rapidly developing into one of the major markets worldwide. By this acquisition, Soudal gains access to the market with a strong presence in the market of construction materials. At the same time, it opens new perspectives for Soudal to offer sealants, adhesives as well as other construction specialties. On the Shija premises, plenty of opportunities are available to invest in local production of these products. Today, Soudal manufactures its products on three continents and with this investment, it adds another center for growth in
Asia.