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In addition to the four brands owned by Schnadig, the buyer will take over the US furniture maker's inventory, accounts receivable, fixed assets, corporate name, service logo, sales network, distribution channel, together with customer relationship, according to an agreement inked on January 6, 2009.
Markor, by making use of Schnadig's worldwide sales network, will be able to expand its production capacity and deepen its footprint in North America, South America, Middle East, and Asia after the transaction.
As a furniture exporter, the Urumqi company has been facing pressure from mounting costs and appreciation of Chinese yuan. Luckily, it saw great opportunities for mergers and acquisitions (M&A) as the lingering financial crisis cuts into the global economy.
Source: www.hexun.com (January 08, 2009)
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