Jofo Nonwovens Co. and Takween Advanced Industries have jointly announced the signing of a share agreement for the sale of 70% of the shares of Advance Fabrics Company (SAAF), a Saudi Arabia-based nonwovens producer. The transaction allows Jofo, a fast growing Chinese nonwovens producer with five manufacturing sites in Asia, to enter the medical market on top of existing hygiene and industrial businesses.
Rain Tian, Chief Executive Officer of JOFO says, “Acquiring SAAF will allow us to really move into the medical market—it has allowed us to increase our capacity but it has also expanded our offerings, and location wise, having operations in both far east Asia and the Middle East gives us the flexibility to our customers. It is also an important step for our global footprint building—not just with our manufacturing but also with the global supply chain.”
Abdulmohsen Alothman, Chairman of Takween’ s board of directors says, “The Board of Directors approved by its decision dated 12/30/20, to sign the agreement which is in line with the company's current strategy aimed at focusing and expanding in the plastics sector, whether inside or outside the Kingdom of Saudi Arabia or in the countries in which the company operates as well as the partnership with leading global non-woven industry players to expand its operations.”
Along with this transaction, Jofo will also continue to invest in the medical sector in China, with the goal of becoming a global leader in medical and protective nonwovens, as well a globally to become a truly international nonwovens producer.
