CPPC, based in Bangkok, Thailand, has purchased from Fiberweb Holdings Limited (FHL) all of its shares in CNC International Company Limited (CNC). Until the acquisition, CNC, a leading manufacturer of nonwoven spunbond materials located in Rayong, Thailand, had been a 50/50 joint venture between FHL and CPPC.
“This move clearly shows CPPC’s intention to have CNC grow along with its key customers in the region. Further investment in enlarging CNC’s capacity and product variety will be made over the coming years in order to meet customers’ demands, which have been increasing dramatically,” stated Marss Kuo, CPPC’s CEO and president. “Attaining full ownership of CNC gives CPPC a valuable asset and gives CNC a solid foundation upon which to profitably grow its business and to create long-term value for CNC’s customers and CPPC, and for their stakeholders.”
“Even after FHL’s sale of its ownership, CNC remains under the same management and operations teams, both of which are fully intact. We are committed to our customers and, therefore, the CNC team will make enhancement of CNC’s supply and service capabilities its top priority," said Karun Sitthiampornphan, vice president and general manager of CNC. “In order for CNC to be a leading nonwovens spunbond supplier in the Asia Pacific region, it is important for us to understand the needs of our customers, so management has assumed responsibility for CNC’s sales and marketing activities.”