Shanghai Eternal Machinery Co., Ltd. has successfully completed the acquisition of 70% of Yancheng HONGJING Machinery Technology Co., Ltd., as a part of a strategy to successfully drive and continuously improve its existing portfolio of machines. With this partnership, ETERNA and HONGJING intend to leverage the strengths of both companies to drive innovation in the folder gluer business and to continue growing the business at international level also by scouting for new growth opportunities.
ETERNA and HONGJING intend to rely on the management and employees of HONGJING to drive the business to the commonly agreed targets. ETERNA’s production of folder gluers will be transferred to HONGJING, increasing significantly the volume of machines produced in Dongtai. As such, HONGJINGwill become the competence center for folder gluers of ETERNA.
The transaction is closed and since the 6th of January 2020 we have received the business license for Shanghai Eternal Machinery (Dongtai) Co., Ltd.