Acquisition of Fastener Expos in China
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ITE Asia has acquired a 70% stake in the organiser of the Fastener Expo in Shanghai and Guangzhou.
Fastener Expo Shanghai is an annual event held at the Shanghai World Expo Exhibition & Convention Center. Fastener Expo Guangzhou, was launched in 2013 and has just held its third edition at the Guangzhou Poly Trade Expo Center.
The acquisition further expands ITE’s business in Asia where it has growing interests, principally in China, India and Indonesia.
The current management team including Mr Yang Jungfeng, will stay with the business.
Commenting on the acquisition, ITE’s Chief Executive Officer, Russell Taylor, said: "We are continuing to build businesses in strategically important market sectors and the acquisition of Fasteners Expo increases our presence in China. The fastener industry is a key customer to the surface finishing technology sector which convenes at the SF China exhibition organised by our joint venture partners, Sinostar-ITE. The fasteners industry is also a major supplier to the building sector, where we have significant global coverage. We are looking forward to being able to help expand these events as well as being able to maximise data synergies”.
The next event in the Fastener Expo series will be held in Shanghai from 23 to 25 June 2016.