October 22, 2012
China Stationery buys 9.7 percent of Pelikan International, and President and CEO Loo Hooi Keat meets with company executives to discuss the future direction of the company.
The Star Online reports that China Stationery Ltd is buying a 9.79% stake of Pelikan International Corporation Bhd for Rm50 million ($16.3 million/€12.5 million) via a share swap that will enable both companies to collaborate to grow their business.
The article states that “the proposed acquisition represents a strategic move on the part of CSL and its subsidiary companies (CSL Group) as it will immediately provide a pathway for both the CSL Group and the Pelikan Group to work together to grow the business in the sales, distribution and procurement of Pelikan’s stationery products in the markets, and to fully leverage on the CSL Group’s strong market network and access, namely China”.
The Recycler understands that President and CEO Looi Hooi Keats is undertaking on-going discussion with company executives and senior staff in Zurich and Pelikan International Corporation Bhd, the Malaysian owners of Swiss-based Pelikan Hardcopy Production AG, are in advanced talks over a number of topics including the future of its inkjet and toner business; moving production to China; and options to close or sell the Swiss-based company.
This is likely to see the transfer of Pelikan’s extensive IP collection and equipment to Asia and the possible closure or sale of Pelikan Production’s Swiss base. The Recycler understands that no decisions have yet to be taken regarding Pelikan’s Czech and Scottish production facilities.
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