Ceratizit will hold a 50% stake in CB Carbide and plans to increase its sales in Asia by 25% of total turnover. Financial details were not disclosed.
The companies’ existing Asian manufacturing and sales activities (except India) will be combined into a newly formed holding company called CB Ceratizit Luxembourg SA. The joint venture company will sell products from both CB Ceratizit and Ceratizit in China, Taiwan, Korea, south-east Asia and Australia, while CB Ceratizit products will be sold in Europe, India and the US via Ceratizit’s sales network.
CB Carbide employs 1,500 people across eight production sites in Taiwan and China and 13 sales offices worldwide. Chairman Wan Lung Liao said: “CB Carbide has excellent market positioning in Asia, combined with Ceratizit’s outstanding technological knowledge and global presence, this joint venture will create exceptional value for all our customers. The joint venture company will focus to grow the Asian market while benefiting from Ceratizit sales network in Europe and US.”
"We are very impressed by CB Carbide’s previous success and see the company as the ideal partner,” said Jacques Lanners, CEO of Ceratizit. “[T]ogether, we can become a leading manufacturer of hard-metal products and solutions in Asia.”
