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Li & Fung (0494)
01-07-2011, 08:26 AM. (This post was last modified: 23-10-2013, 02:50 PM by CityFarmer.)
Post: #1
Li & Fung (0494)
Li & Fung acquires Thai furniture maker Exim Designs
Thomas Russell -- Furniture Today, June 24, 2011

HONG KONG — Li & Fung Ltd., an international development and distribution company, has acquired Exim Designs, a northern Thailand-based furniture producer.

The company announced Wednesday that it has acquired Exim, which produces ready-to-assemble and fully assembled furniture made with wood and mixed media elements such as slate, bamboo, water hyacinth and glass.

Li & Fung did not reveal the purchase price or other terms. It did say that the deal will "strengthen its capabilities in the furniture business with mass-market and traditional furniture retailers."

The deal was one of five acquisitions the company announced this week in various industries. It said the combined sales and net income of the acquired businesses total $660 million and $80 million, respectively, but did not give figures for each company.

In a statement, William Fung, executive deputy chairman, said that the company will continue to pursue acquisitions through 2013.

"Our focus on both acquisitions and organic growth has demonstrated the resilience of our model throughout the years," he said. "We have relied on a sustained organic growth in our business over the last 20 years and have complemented that with an acquisition strategy which could be especially relevant during times of uncertain economic conditions when excellent deals are available at attractive prices."

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