Groupe SEB announces today that it has taken control of Vietnamese society Asia Fan, specializing in the fans, without disclosing financial terms of the agreement.
We know however that following the acquisition, it holds 65% stake, 30% of the shares remaining in the hands of the founding family and 5% among those employees.
Founded in 1990 by its current President, Vu Dinh Phuong, Asia Fan is specialized in manufacturing and marketing of fans and has about one fourth of the Vietnamese market, says the French specialist in small domestic equipment, in a statement.
Based on a strongly-branded national ASIAvina, and with 40 stores, of Asia Fan made 2010 a turnover of around EUR 11 million, knowing that the company has two industrial sites and employs 700 people.
"The takeover of Asia Fan is part of a development strategy in emerging countries, with, beyond Vietnam and in the wake of the decisive action of Supor, a gateway to other markets of Southeast Asia, "said Thierry de La Tour d'Artaise, President and CEO of Groupe SEB.
Moreover, Phuong Vu Dinh will remain Chairman of Asia Fan and actively contribute to the integration process of the company within the SEB Group.
We know however that following the acquisition, it holds 65% stake, 30% of the shares remaining in the hands of the founding family and 5% among those employees.
Founded in 1990 by its current President, Vu Dinh Phuong, Asia Fan is specialized in manufacturing and marketing of fans and has about one fourth of the Vietnamese market, says the French specialist in small domestic equipment, in a statement.
Based on a strongly-branded national ASIAvina, and with 40 stores, of Asia Fan made 2010 a turnover of around EUR 11 million, knowing that the company has two industrial sites and employs 700 people.
"The takeover of Asia Fan is part of a development strategy in emerging countries, with, beyond Vietnam and in the wake of the decisive action of Supor, a gateway to other markets of Southeast Asia, "said Thierry de La Tour d'Artaise, President and CEO of Groupe SEB.
Moreover, Phuong Vu Dinh will remain Chairman of Asia Fan and actively contribute to the integration process of the company within the SEB Group.