NORMA Group agreed to acquire 80% of the shares in Fengfan Fastener (Shaoxing) Co. based in Shaoxing City, China. Terms of the deal, which is expected to close in the second quarter of 2017, were not disclosed.

Founded by CEO Zhu Jialin in 1988, Fengfan manufactures joining products made of stainless steel, nylon and specialty materials. Its portfolio includes cable ties, fastening elements and specially coated, fire-resistant textiles, for example. The company uses cutting, coating, casting and injection molding processes in production.

“With the acquisition of Fengfan, we are expanding our product portfolio and our position in the Chinese market,” stated NORMA Group CEO Werner Deggim. “We are thus working towards our long-term goal of achieving further geographic, product and sector-specific diversification of our business.”

Fengfan employs 190 workers to supply the shipbuilding, heavy industries and transport vehicles market. Its products are marketed on the domestic Chinese market and exported to other countries, with annual sales of EUR 15 million (US$16.2 million) in 2016.

Germany-based NORMA Group manufactures joining products in three categories (clamp, connect and fluid) and offers more than 35,000 products to more than 10,000 customers in 100 countries. The company reported revenue grew 0.6% to EUR 894.9 million (US$ 942.8 million) in 2016, including 0.9% in organic growth for the year. Web: normagroup.com