Pylones Buys Supplier
GDA Staff -- Gifts and Dec, 12/23/2011 11:54:34 AM
Helsinki, Finland - French gift company Pylones will purchase 100 percent of the shares of Willtech Gift HK Ltd., the unit of Helinski-based Rapala VMC Corp. which manufactures gift items in China. Pylones is Willtech's main customer, according to Rapala.
The parties have agreed not to disclose the consideration of the transaction, which will partly be settled by a guaranteed interest bearing promissory note during 2012-2016. Willtech Gift represented 3-4 percent of Rapala's net sales, which would be about $14 million in 2010.
Rapala acquired the Willtech gift and lure manufacturing business in 2001, to offset the seasonality of its fishing tackle business, which it is keeping.
"We are very happy to exploit full synergies of design, manufacturing, distribution and retail businesses through this acquisition of the main sourcing partner of Pylones. This acquisition will also strengthen the retail businesses of Pylones in China, which is the fastest growing gift business market in the world," said Jacques Guillemet, managing director of Pylones.
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