Leading Chinese construction giant Grand has bought loss-making cladding manufacturer Permasteelisa for £426m.
Permasteelisa was sold by its Japanes owners LIXIL Corporation. Under the ownership of Shenzhen-based Chinese curtain walling rival Grandland, Permasteelisa’s headquarters will continue to be based in Vittorio Veneto in Italy.
Permasteelisa has made big in-roads into the UK high-rise market in recent years and secured the cladding deal on the Shard in London.
But as a whole the Italian cladding specialist ran up losses of £21m in the year to April from revenue of £1.2bn.
Riccardo Mollo, Permasteelisa CEO, who will remain in the position following the transaction, said, “Combining Permasteelisa’s position as a premium leader in the market and scale across EMEA, North and South America, and Asia Pacific, along with Grandland’s industrial integration capabilities and strength in China, will create a truly global leader in the curtain wall segment.
“While Permasteelisa will maintain its operating independence globally, the opportunities for operating synergies with Grandland are tremendous.”
LIXILt president Kinya Seto said: “We believe Grandland will be a strong complementary fit for Permasteelisa and an ideal partner to invest in and grow Permasteelisa’s business in the future, especially in the fast-growing Chinese market”
Grandland is focused specifically on architectural decoration activities, including curtain walls, urban design, mechatronics, and layouts.
from Construction Enquirer http://www.constructionenquirer.com/2017/08/21/chinese-firm-buys-cladding-giant-permasteelisa-for-426m/
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