Switzerland-based office furniture company Lista Office Group (LO) was recently acquired by Chinese manufacturer Zhejiang Henglin Chair Industry (Henglin).
LO said the sale forms part of its international expansion and growth strategy, with its Leinhard family owners having been looking for some time for a strategic partner. After talks with a number of companies from the US, Europe and Asia, they opted for the offer from Henglin, a firm established 20 years ago by the Wang family and now publicly listed on the Shanghai Stock Exchange.
Henglin is a major exporter of office chairs and employs around 3,000 staff. It has reportedly been looking to develop its manufacturing infrastructure outside China in an attempt to minimise the impact of trade tariffs imposed by the US and now it has established a foothold in Europe.
LO has two manufacturing sites in Switzerland, around 330 employees and annual sales estimated to be in the region of CHF100 million ($100 million). The company can trace its origins back to 1945 when young engineer and entrepreneur Alfred Lienhard started a garden furniture and steel products company. Leinhard’s granddaughter, Franziska Lienhard Nava, is currently the group’s chairwoman.
The transaction was effective 31 May. Financial details were not released.