Fair Friend Budgets US$100 M. to Acquire Four Machine-tool Plants

Taipei, Nov.11, 2010 (CENS)--Fair Friend Group, the largest machine-tool conglomerate in China, recently announced a plan to invest over US$100 million, or about NT$3.1 billion, to acquire four machine-tool plants in Europe, South Korea and Taiwan, with the acquisition to help Fair Friend generate an additional annual sales of over NT$10 billion, says group chairman Jimmy Chu.

Fair Friend currently has 56 subordinates with 19 focusing on machine-tool production, as well as 14 brands and 23 production facilities globally. The group's annual sales will double to NT$21.5 billion this year from last year's, aiming for NT$28 billion in annual sales in 2011.

Since the beginning of this year, Fair Friend has acquired two Italian firms, including Rambaudi and ROSA. Rambaudi specializes in the production of large-sized milling machines and machining centers with clients including China's nine aircraft manufacturers.

Chu said his group is now negotiating to acquire foreign manufacturers of machine tools, including a century-old manufacturer of vertical machining centers in Germany with annual sales reaching NT$4.5 billion, a manufacturer of machining centers in Italy, a manufacturer of machining centers and components in South Korea, and a machine-tool manufacturer in Taiwan with annual sales of NT$2 billion.