CW GROUP Announces Formation of Strategic Joint Venture in Singapore
 
Sep 07, 2017
Category:

CW GROUP Announces Formation of Strategic Joint Venture in Singapore
Further Strengthening its Business in the Southeast Asia and India Regions

(Hong Kong, 7 Sep 2017) Leading precision engineering solutions provider, CW Group Holdings Limited ("Company", together with its subsidiaries, the "Group", stock code: 1322) announced that CW Group Pte. Ltd., an indirect wholly-owned subsidiary of the Company, and Fair Friend Group ("FFG"), a company registered in Taiwan, have mutually agreed to enter into a joint venture agreement in relation to the proposed formation of a strategic joint venture company ("FFG-CW") in Singapore.

FFG-CW will represent the full product range of industrial machine tools brands under FFG's machine tools division to provide marketing and sales coverage in the Southeast Asia and India regions, excluding those brands currently under the sole or exclusive dealerships or representations of FFG in these regions. Leveraging on the existing sales and marketing network of CW Group and its working partners, FFG-CW will focus on key industries including aerospace, automotive, medical and contract manufacturing industries in these regions.

Mr. Wong Koon Lup, Chairman and an Executive Director of the Group, stated, "FFG is a leading machine engineering company with long history and global market presence covering USA, Europe, Japan and Korea. Leverage on its extensive worldwide network and comprehensive product range, we believe that this strategic cooperation will enable the Group to further strengthen its business footprint in the Southeast Asia and India regions, which will broaden the Group's customer base and increase market penetration. With the enhanced product offering and greater demand for sophisticated CNC machines in these regions, the Group is confident that FFG-CW would be able to make significant in roads into the target markets in the near term, which is beneficial to the future growth and business development of the Group."

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About CW Group Holdings Limited (stock code: 1322)
CW Group Holdings Limited is a one-stop precision engineering solutions provider and machine tool manufacturer and distributor. Headquartered in Singapore with production facilities in the PRC, the Group serves customers from a wide range of industries, including, precision machine tool engineering, energy, electronic / semi-conductor, automotive, oil and gas, marine and aerospace industries.

About Fair Friend Group
Fair Friend Group was founded in 1979, it is a leading machine engineering company based in Taipei City. The group comprised of three major divisions, namely, Machine Tool Division, Industry Equipment Division, and Green Energy Division. It serves customers from the aerospace, automobile, and molding industries, as well as international universities.

This press release is released by PR ASIA Consultants Limited, on behalf of CW Group Holdings Limited.
For more information or enquiries, please contact:
Lorraine Lam / Dorothy Ying
Tel: +852 3183 0230 / 3183 0241
Fax: +852 2583 9138
Email: cwgroup@prasia.net

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