Haikou, Hainan – Hainan Rubber Group, a leading natural rubber producer in China, announced it is to acquire an 80% stake in mattress and pillow maker Aidefu Latex Products.
The price of the transaction is set at €47 million (367 million yuan), according to a company statement issued 10 July.
The deal will "bolster our company’s development of own-label latex products, and is strategic to and demonstrative of our business expansion and extension along the supply-chain,” said Hainan.
Headquartered in Yangzhou, Jiangsu, Aidefu was founded in 1994 and claims to be one of Asia’s largest rubber products makers today.
Aidefu has two manufacturing sites, in its headquarters city as well as Chuzhou, Anhui, with 180,000 sqm total area and 600 employees.
In 2018 Aidefu recorded €4.8 million net profit, up 126% from 2017. Revenue rose by 15% to €51 million.
The company’s net assets as of yearend 2018 are valued at €26 million.