WashTec AG / DE0007507501
11.01.2024 - 09:30:03WashTec AG: Strategic changes in the Asia/Pacific region – new setup in Chinese market
| WashTec AG / Key word(s): Strategic Company Decision 11.01.2024 / 09:30 CET/CEST The issuer is solely responsible for the content of this announcement. WashTec AG: Strategic changes in the Asia/Pacific region – new setup in Chinese market Augsburg, January 11, 2024 –WashTec AG has decided on a strategic reorientation of WashTec Group in the Asia/Pacific region. As a result, the majority of WashTec Car Cleaning Equipment (Shanghai) Co., Ltd. (“the Company”) will be sold to former management. In future the Chinese market will be penetrated as a distributor market driven by a Chinese-German joint venture from January 1, 2024. This ensures that WashTec can further continue its strong local customer support and quicker respond to local customer demands in the Chinese market with the new setup. To implement this strategy, WashTec is pleased to announce that a local Management Buyout (“MBO”) has been successfully agreed. Mr. Simon Huang, General Manager and Mr. Gary Sun, COO of the Company will continue their management roles. They will as majority shareholders together with other key suppliers and joint-venture distributors as minority shareholders ensure the best possible future market position for WashTec Group in China. The WashTec Group will remain represented in the Company with a 10% shareholding. “We are happy to give our Chinese company in the hands of our local management. With Mr. Huang and Mr. Sun, we have a long and trustworthy relationship. We are sure, that with this local focus WashTec will strengthen its position in the Chinese market with strong local management whereas WashTec itself can fully focus on its core European and growing North American market” said Dr. Ralf Koeppe, CEO of WashTec AG. The MBO option ensures that WashTec can maintain and further strengthen its long and good personal relationships with its many customers and a continued good service level to all the WashTec car wash equipment installed in the Chinese market. The Company will continue to receive marketing-, sales- and product development support from WashTec Group, but also have more freedom for own local development projects. Simon Huang, General Manager of WashTec Car Cleaning Equipment (Shanghai) Co., Ltd. said, “I am very pleased that we can continue and scale the local production from the WashTec Shanghai plant together with the continued access to the complete WashTec Group product portfolio and car wash competence. We are excited for the trust shown to us by the WashTec Management Board and the many opportunities ahead, we see that sustainable automated car wash has a great future in China, and we want to lead the way. Already at the Beijing Aftermarket Show in February 2024 we’re excited to launch a new Easy Conveyor developed and produced locally with strong support from WashTec Group.” About WashTec: The WashTec Group, based in Augsburg, Germany, is the leading provider of innovative solutions for carwash worldwide. WashTec employs around 1,800 people worldwide and has subsidiaries in the markets of Europe, North America and Asia/Pacific. In addition, WashTec is on the map in some 80 countries through independent dealers. Contact: WashTec AG Argonstrasse 7 86153 Augsburg Tel.: +49 (0)821 - 5584 - 5555 Fax: +49 (0)821 - 5584 - 1135 11.01.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | WashTec AG |
| Argonstraße 7 | |
| 86153 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 55 84-0 |
| Fax: | +49 (0)821 55 84-1135 |
| E-mail: | washtec@washtec.de |
| Internet: | www.washtec.de |
| ISIN: | DE0007507501 |
| WKN: | 750750 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1812487 |
| End of News | EQS News Service |
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