You are here

Girbau Group Acquires 100% of Capital in Joint Venture

China’s Girbau Shenguang Laundry Technology becomes subsidiary

VIC, Spain — The Girbau Group reports it has acquired the entire share capital of its Chinese joint venture Girbau Shenguang Laundry Technology (GSLT), Shanghai, which provides professional laundry solutions and is exclusively dedicated to its customers in the Chinese market.

With this action, GSLT becomes a subsidiary fully controlled by the Girbau Group with the aim of promoting the future development of the company and strengthening its position in the Chinese market.

GSLT is the result of the joint venture founded in 2017 by the Girbau Group and Chinese laundry machinery manufacturer Shenguang. Girbau, which previously had a majority stake in the company, has taken complete control after purchasing the remaining shares from Qian Zhigen, president of the Shanghai Shenguang Machinery Group.

Girbau says the partnership between the two companies has allowed Girbau to boost its market share in China and become established in the region.

Qian will resign as CEO of GSLT and his position as a member of the Board of Directors, moving on to senior adviser until June in order to provide the necessary support during the transition period.

General Manager Jeff Liang will serve as head of GSLT, reporting directly to Mercé Girbau, CEO of the Girbau Group, and Serge Joris, Girbau Group president.

“From all of us at Girbau, we are grateful to Mr. Qian for his good work and for the unconditional support which he has provided to the Group over the years,” Mercé Girbau says.

The Girbau Group operates in more than 100 countries, with 16 subsidiaries in Europe, North America, Latin America, Oceania and Asia.