JOFO Nonwovens acquires PFN`s nonwovens production plant in Wuxi, China
Weifang, China and Prague, Czech Republic – 8th May 2020:
JOFO NONWOVENS CO., LTD. (“JOFO”) based in Weifang, Shandong Province, China and PFNonwovens Holding s.r.o. (“PFN”) based in Prague, Czech Republic today jointly announce the sale of PFN`s nonwovens business and plant in Wuxi, China to JOFO. The price is confidential.
JOFO is a fast-growing and leading nonwovens supplier in China. It has four manufacturing sites across the Asian region. The transaction will enable JOFO to enter the growing medical sector on top of its existing hygiene and industrial businesses.
PFN is a global leading producer of nonwoven textiles with operations in Europe, USA and Africa. It will continue, post transaction, to supply nonwovens worldwide to its customers in absorbent hygiene with a focus on premium infant care, adult incontinence, feminine hygiene and medical protective products for the retail and health care markets.
Rain Tian, Chief Executive Officer of JOFO said, “PFN Wuxi is a very well managed site with a strong team and a very good location. This transaction takes JOFO into the medical nonwovens market in Asia and will provide us with extended capacity to address the growing demand from our existing customers. Also, a strong logistical position in the East China region will enable JOFO to support the customers in that region better. We are committed to investing in the Wuxi site to make it a strong manufacturing base, with new capacities and technologies to better serve our customers.”
Allen Bodford, Chief Executive Officer of PFN said, “This transaction will enable us to fully focus on supporting our global customers in their key markets, as we continue to build on PFN`s core strengths, namely high value added and innovative products. It will allow us to bring forward the building of two new production lines in North America and Europe to increase our production capacities in absorbent hygiene and the medical segment. In addition, we will continue our expansion into Africa with our new South African line, which started its commercial production in Q4 2019. We are very pleased that we are passing on the Wuxi plant to a strong Chinese investor with plans to expand capacity and to build out the facility. We would like to also express our sincere appreciation and gratitude to our entire workforce in China for all their great work over the years.”
Junhe (China) and Rajah & Tann (Singapore) served as legal counsel to JOFO.
Dentons (Singapore and Shanghai) served as legal counsel to PFN.
