Woodbridge Buys-Out Joint Venture Partner in China to Enhance Regional Growth Opportunities
Troy, Michigan--(Newsfile Corp. - September 22, 2019) - Woodbridge, a global systems solution provider of fully-integrated foam products, announces it has entered into a formal agreement to acquire all the shares in its joint venture, Woodbridge GSK High Polymer Technology Co., Ltd. (WGSK), from its partner GSK Corporation. The transaction will enable Woodbridge to enhance its growth opportunities with its customers located in China.
Upon regulatory approval, GSK's shares will be transferred to Woodbridge. The acquisition includes molded foam manufacturing operations in China: Wuhan (WGSK), Guangzhou (Guangzhou Woodbridge GSK High Polymer Technology Co., Ltd.) and Shanghai (Shanghai Woodbridge GSK Auto Parts Co., Ltd.).
"Woodbridge has been the management partner and technology provider of these three sites for 14 years," said Woodbridge president and CEO Charles Daly. "These facilities will allow our technical expertise, operational excellence and proven track record to continue to be a powerful platform to accelerate growth within the region."
According to Greg Yan, Woodbridge general manager, China, "On behalf of the entire team, I would like to thank GSK for their partnership and wish them continued success. Today marks an exciting chapter for us and reflects the collective efforts of our entire team and we look forward to our future in China."
Following the completion of the sale, Woodbridge will continue to supply molded foam to GSK's seat assembly operations.
Woodbridge is a privately-owned company offering innovative material technologies for applications in automotive, commercial, recreational, packaging, healthcare and building products. In addition to its manufacturing operations, Woodbridge offers a full complement of services including: chemical research and development, product and process engineering, tooling, technical support and accredited laboratory testing. Woodbridge operates more than 60 facilities across 10 countries-employing over 7,500 teammates and serving more than 600 customers worldwide. To learn more, visit woodbridgegroup.com.
Eric Turmel, Marketing Manager
Greg Yan, General Manager, China
011-86-21-3173-5912, ext. 6522
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