Monday, April 1, 2024
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The strategy of EGGER Group is to pursue sustainable international growth which they consider as a key element. The family-owned business, with its extensive network of 22 production facilities across Europe and America, is now turning its focus towards the Asian market’s burgeoning potential. Aiming to bolster its position within Asia, EGGER Group has recently secured a 25.1% ownership in Panel Plus Co., Ltd., a Thai manufacturer of wood-based materials. This strategic acquisition was formalised with a signing ceremony.
“As a significant growth market, Asia plays an important role in our strategic considerations. We have been considering expanding our presence there for some time now. In Panel Plus, we have found the ideal partner in this respect. Panel Plus has state-of-the-art production sites and a product portfolio that is perfectly tailored to regional requirements. We are convinced that we will benefit greatly from their local expertise and will be able to exploit further growth opportunities together. We are delighted with this strategic partnership,” says Thomas Leissing, Chief Financial Officer EGGER Group and Speaker of the Group Management, explaining the background to the investment decision.
Panel Plus Co., Ltd. was founded in 1990 and today produces a wide range of wood-based materials such as chipboard and MDF boards, both laminated and unlaminated. The main production plant is located in Hat Yai in the southern Thai province of Songkhla.
Great opportunities for further development in Asia
Thailand, Malaysia and Vietnam are the core markets of Panel Plus. The core target groups are the local furniture industry and distributors. Growing market demand, state-of-the-art production technology, and the capacity of Panel Plus, combined with EGGER’s input to expand the product portfolio, form the foundation for a collaborative value creation.
The stake in Panel Plus now gives EGGER the opportunity to broaden its own market access, address additional customer target groups and further expand availability and service for them.
The EGGER Group and Panel Plus share the same convictions regarding high product and service quality, responsible production, and constant innovation. Both parties are convinced that they can successfully realise growth potential together.
EGGER continues to bring new challenges to the design. Recently, their decorative collection 24+ for furniture and interior design was a major hit!
During a time of change and upheaval, the Decorative Collection 24+ offers one much possibilities and solutions: Inspiring new introductions, established decors, sustainable and healthy living products as well as a multitude of digital services that optimally link all elements of the Collection together.
Read more news on: EGGER Group
Tags: EGGER Group, thai panels, wood and panel, woodworking and manufacturing, woodworking industry
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