Bobst Group announces that it will exercise before the end of the year its option to purchase from Gary Tseng the remaining 35% of the Gordon Ltd shares, the Hong Kong based holding company of Shanghai Eternal Machinery Co. Ltd.
Gary Tseng will remain Managing Director in charge of the operations as before. Both parties have agreed not to disclose any information concerning the conditions of the transaction.
Philippe Milliet, Head of BOBST Business Unit Sheet-fed and Member of the Group Executive Committee, said: "We are very happy with the development of Gordon during the past 5 years. Gordon has developed new products and reinforced his market position under the strong leadership and vision of Gary Tseng. We are looking forward continuing to take advantage, under an adapted governance due to change in shareholding, of the huge experience of Gary."
On selling the balance of his stake, Gary Tseng, commented: "I am very happy with my decision of joining Bobst", during the cooperation with BOBST along the last 5 years, Gordon has made significant improvements in product range and market presence. There are still great development possibilities ahead of us and I will be more than happy to contribute as Managing Director as before and for the coming years. At the same time, this cleared situation will give me more time and energy to concentrate on the further development of the Eterna and Brausse products and markets."
The BOBST and Eterna product ranges have a high degree of complementarity, and the two companies will each continue to develop technologically advanced products and services that answer the business needs of their respective customers. The brand identities, management teams, sales and service organizations of both companies will remain separate, thus ensuring continuity in the relationships between customer, BOBST and Eterna.