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French appliance firm takes over local fan manufacturer
French household appliances Groupe SEB has bought a 51 per cent stake in Viet Nam Fan Joint Stock Company, allowing the French firm to take control of the Vietnamese ventilator maker, confirmed Tran Thach Quang, Viet Nam Fan Co's marketing director.
Quang declined to disclose the value of the deal but said the outstanding shares were still in the hands of the founding family and employees.
An agreement formalising the purchase will be signed today in HCM City.
Quang said besides this capital contribution, SEB agreed to invest in human resources in business management, marketing and manufacturing of key products.
"In every section, Viet Nam Fan's employees will work with SEB's experienced professionals with the common goal of developing our brand-name with fans as our major product," Quang said.
He said both parties also agreed SEB would not sell their fans at Viet Nam Fan retail stores but focus on building Viet Nam Fan branded products, boosting their market shares on the back of a more intense competitive market.
Viet Nam Fan Comapny, established in 1990, specialises in manufacturing and marketing fans, mainly with the ASIAvina brand. It currently holds 25 per cent of the domestic market, and owns 40 proprietary stores and two industrial sites. Last year, the company's revenue reached US$15.67 million.
This majority stake in the local company would allow the French group to strengthen its foothold in a market of nearly 90 million consumers where sales of small domestic appliances were increasing due to rising incomes and economic growth, the group said in a press release.
"The take-over of Viet Nam Fan is perfectly in line with our strategy of development in emerging countries," said Thierry de La Tour d'Artaise, chairman and CEO of Groupe SEB. "Beyond our presence in Viet Nam, it will also open doors to other markets in South-East Asia".
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