Chinese furniture firm takes over US Schnadig
January 14, 2009
Chinese furniture company, Markor International Furniture Co. Ltd, has acquired the US-based furniture company for $8.94 million. The sale was fully agreed and accepted on Monday 5th January 2009.
US Schnadig is a top American furniture company, they specialise in case goods and upholstery. Spokespersons from both companies have expressed how pleased they are with the result.
Richard Feng, Chairman and CEO of Markor International Furniture Co. Ltd, had the following to say regarding the acquisition:
“Markor believes that by bringing together its manufacturing efficiencies and Schnadig’s established marketing channels and brands, we will offer our customers well made products, enhanced service, distinctive design and excellent value.”
Retaining the name, the recently merged business will now be known as the Schnadig International Corporation. Upon being given the position of Chairman Emeritus, Donald Belgrad, ex-President and CEO of Schnadig, expressed a positive outlook on the whole process, saying:
“I am excited about our two companies combining its respective strengths to become a leading retail supplier”
The merger of this leading US furniture business and a top Chinese furniture business creates an overall impressive company, which may cause concern for many of the competitors in the same industry.
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www.naturelreferencementseo.fr
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