The Girbau Group has announced its acquisition of the entire share capital of its Chinese joint venture Girbau Shenguang Laundry Technology (hereinafter, GSLT). With this action, GSLT becomes a subsidiary which is 100% controlled directly by the Girbau Group with the aim of promoting the future development of the company and strengthening its position in the Chinese market, according to a news release.
GSLT is the result of the joint venture founded in 2017 by the Girbau Group and Shenguang, the Chinese laundry machinery manufacturer. The Girbau Group, which until now had a majority stake in the company, is taking complete control after the purchase of the remaining shares from its partner, Mr. Qian Zhigen, President of the Shanghai Shenguang Machinery Group. The partnership between the two companies has allowed Girbau to boost its market share in China and become established in the region. GSLT, located in Shanghai, provides professional laundry solutions and is exclusively dedicated to its customers in the Chinese market.
After the completion of this transaction, Mr. Qian Zhigen, will, by mutual agreement, resign from his position as CEO of GSLT as well as from his position as a member of the Board of Directors, moving on to carry out the role of Senior Advisor until June in order to provide the necessary support during the transition period. The General Manager, Jeff Liang, will serve as the head of the subsidiary GSLT, reporting directly to the CEO of the Girbau Group, Mercè Girbau, and to the Group’s President, Serge Joris.
Mercè Girbau expressed the Group’s gratitude to Mr. Qian Zhigen, stating: “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”.