The acquisition will further extend the leading market position of Freudenberg & Vilene as dedicated suppliers to the garment industry and further speed up its growth in Asia as the world's largest textile region. After completion of the acquisition, Freudenberg & Vilene's interlining business will have some 1000 employees throughout Asia, will operate five factories in Suzhou/China, Nantong/China, Seoul/Korea, Yang-Mei/Taiwan and Chennai/India and will generate sales of $150 million.
According to the report, the management and staff of Nantong Hymo are pleased with the acquisition by Freudenberg & Vilene International Ltd. Mr. Ge Tong, CEO of Nantong Hymo., will continue to lead the company and be closely integrated into the leadership team of Freudenberg & Vilene. Considerable investment for additional technologies is planned for the near future. Production and sales of Nantong Hymo are expected to grow by more than 10% annually during the next five years as customers benefit from the extended product range and the strengthened service network of the extended company.
The acquisition was facilitated and supported by the Nantong City Government in its goal to shift formerly state-owned assets into reliable private hands and foster growth and prosperity in the Jiangsu province. Nantong Hymo will operate under the new name Freudenberg & Vilene Interlinings (Nantong) Co. Ltd.