Trifast Buys Stake in Techfast Holdings
Trifast Buys Stake in Techfast Holdings
Jason Sandefur
UK-based Trifast agreed to acquire a 25% stake in Malaysian fastener maker Techfast Holdings for GBP 2.78 million (US$5.17m).
Techfast is based in Kuala Lumpur and manufactures self-clinching fasteners from its two factories in Malaysia and its factory in Suzhou, China. During the first six months of 2006 Techfast generated a turnover of GBP2.1 million (US$3.9m).
The shares have been acquired from Techfast’s senior management team and also a substantial shareholder. Techfast executives will retain a 24% stake and will continue with their current roles.
On completion of the acquisition Trifast CEO Jim Barker will join the Techfast board.
Barker said the acquisition gives Trifast access to new technologies that complement its existing Asian operations.
“Specifically, this partnership will assist Trifast in accessing the supply chain of the largest self-clinch manufacturer in Asia and will significantly increase our exposure to the lucrative LCD television market,” Barker noted. “This investment is an important step in building Trifast as the premier brand in the European and Asian industrial fastener markets.” Web: trifast.com �2006 FastenerNews.com
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