12/20/2012 9:59:00 AM
NEWS BRIEFS
Joint-Venture Targets DIY Fastener Market
Chin Well Holdings Bhd expects the DIY fastener segment to boost its revenue in 2013 as more consumers opt for hands-on projects, the Star reports.
Chin Well, Malaysia’s largest carbon steel fastener manufacturer, is investing US$2 million in a joint-venture company called Swisstec Sourcing Ltd.
Chin Well will hold a 50% stake along with DKSH Holdings Bhd. in Swisstec, which would source, sell and market fasteners, hand tools and power tools for DIY customers in Asia and Europe, according to the Star.
Chin Well manufactures and supplies fasteners for building highway guard rails, power transmission towers, furniture and other applications. It exports to the EU and Southeast Asia.
In April 2011 DKSH’s Business Unit Technology opened a sourcing office in Shanghai, with a staff of 11. DKSH supplies fasteners, hand tools, and wood and metal working machinery to customers in the EU.
“We are present all over Asia and can easily switch our sourcing operations to places with fewer regulation problems, if warranted,” stated Marcel Baumgartner, Head of Business Line Sourcing at DKSH.
“Tomorrow we could e.g. switch from China to Vietnam or Malaysia, or to any of the 35 countries DKSH operates in. I am confident of our success and feel glad and proud to have started this new business in DKSH.” ©2012 GlobalFastenerNews.com
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