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Absen Acquires 60% Stake in VISS Lighting to Strengthen Rental Business
China - Absen Optoelectronics, a global manufacturer of high quality LED displays, has announced that it has acquired LED display company and solution provider VISS Lighting Co., Ltd, with the purchase of 60% stake in the Shenzhen based company, for a total of RMB24 million (EUR 3.3 million).
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 vice president, commented: "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."
With a strong reputation in the rental staging and creative display business, built up since 2004, VISS Lighting has been dedicated to providing creative products, cutting-edge solutions and professional service to its customers. This has been supported by excellent R&D strategy and innovative manufacturing facilities. By acquiring VISS Lighting, Absen intends to improve customer satisfaction as well as its product development capabilities and product line.
Absen will count on its historical industry-leading sales channels advantage in the field of full-colour LED displays, while capitalising on VISS Lighting’s strong R&D and design capabilities in rental staging and creative displays. With this in mind, Absen plans to rapidly increase VISS Lighting’s sales volumes, and help enhance the company's market share and profitability.
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 a separate stand in hall 11: Absen will be on stand F52 while VISS Lighting can be found on stand E34.
22nd January 2015
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