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Topics Mergers & Acquisitions
Norma Group AG, a specialist in engineered joining technology, has acquired the remaining 15 percent of shares in Chien Jin Plastic Snd. Bhd., according to a statement.
Maintal, Germany-based Norma gained 100 percent of shares in Chien Jin Plastic, a manufacturer of thermoplastic joining systems, on Feb. 7. Norma had previously acquired 85 percent of Chien Jin Plastic in November 2012, strengthening its business in southeast Asia.
Chien Jin Plastic, which manufactures joining solutions for plastic and cast iron pipe systems used for a wide range of applications with a focus on water management, saw record sales in 2013 with a growth from 2012 of more than 10 percent reaching 8 million euros.
Chien Jin Plastic is based in Ipoh, Malaysia, and employs 175.
"The integration of Chien Jin Plastic into Norma Group has been successful and we are already reaping the rewards. We are very proud of the business success," said Werner Deggim, CEO of Norma Group, in a news release.
Norma employs 4,800 and has manufacturing facilities and sales and distribution sites in Europe, the Americas and Asia-Pacific.