SHANGHAI – Universal Scientific Industrial has completed the acquisition of Asteelflash through the acquisition of its parent company, Financière AFG.

As a result, USI will have 27 manufacturing locations in 10 countries, over 24,000 employees and a combined revenue of more than US$7 billion.

Following the Acquisition, Asteelflash's current management team will remain with the company. USI and Asteelflash will target new end-market segments and customers.

The acquisition will help USI accelerate its expansion of overseas manufacturing sites and operational systems to meet the market demand in Europe and the US.

Asteelflash will leverage USI's technological capabilities to capture business opportunities from its major customers.

"The acquisition of Asteelflash is a critical step for USI to implement the modularization, diversification, and globalization strategy," said Jeffrey Chen, chairman of USI. "After the signing of the acquisition agreement, in response to the Covid-19 pandemic, Asteelflash adjusted its operations to effectively control cost, and has performed well overall. After closing, I believe the USI and Asteelflash management team will quickly implement the intended synergy plan, including sales, supply chain management and technology collaboration. We will work together to jointly expand our world leadership position to further improve our service to our global customers' needs with localized operations and attract global talents to enhance our core competitiveness to achieve a sustainable development goal."

"This is a new milestone for Asteelflash, and we are excited to join the USI family. USI and Asteelflash's respective know-how will help us grow together, being more influential in an increasingly competitive marketplace. Together, we will broaden our capabilities, resources, and expertise to create new opportunities and serve our customers' stringent needs with the highest level of quality," said Gilles Benhamou, CEO of Asteelflash.

• Prev
• Next