Absen buys 60% stake in VISS Lighting
Absen has acquired LED display company VISS Lighting, with the purchase of 60% stake in the Shenzhen based company, for a total of RMB24 million (€3.3m).
Absen has essentially purchased a 50% and 10% stake respectively from co-owners Zhong Zaibo and Zhang Wenxia. Upon completion of the acquisition, Absen will hold 60% of VISS Lighting’s equity, while Zhong Zaibo will hold the remaining 40% share. By virtue of shareholding, VISS Lighting will become a subsidiary of Absen.
Deng Jiangbo, Absen VP, said: "This acquisition strengthens Absen’s position as a world leading provider of high quality LED display solutions. We are confident that this operation will help the company to provide an even wider range of high quality products to the industry."
VISS Lighting has been involved in the rental & staging and creative display business since 2004. By acquiring VISS Lighting, Absen intends to improve customer satisfaction as well as its product development capabilities and product line.
VISS Lighting is expected to reach a RMB40 million net profit target in 2015 and 2016. This will effectively enhance the company's return on investment and shareholder value, which is in line with the company's strategic development goals.
Both companies will be exhibiting at ISE 2015 on separate stands in hall 11: Absen will be on stand F52 while VISS Lighting can be found on stand E34.