Zhang Yan, owner of a homestay, arranges new furniture at her homestay in the Heqiao ancient town in Lin'an District of Hangzhou, east China's Zhejiang Province, April 17, 2021. (Xinhua/Xu Yu)
BEIJING, Nov. 15 (Xinhua) -- Suofeiya Home Collection Co., Ltd. (Suofeiya, 002572.SZ), a listed company based in Guangzhou, south China's Guangdong Province, intends to invest 343 million yuan to purchase 49-percent stake of Schmidt Suofeiya Kitchen Co., Ltd., a joint venture with french company Schmidt Groupe, reported Shanghai Securities News Monday quoting the company.
Suofeiya will take 100 percent of the stake of the joint venture after the transaction.
According to the company's announcement, Schmidt, founded in France in 1934, is the largest cabinet brand in France, and was introduced in China in 2014 by Suofeiya in the form of establishing a joint venture with Schmidt Groupe.
The acquisition will help strengthen Suofeiya's decision making in development, manufacturing and sales of Schmidt products, says the company.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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