The Asian arm of ITE Group has acquired a 70 per cent stake in the organiser of the Fastener Expo events in China.
Further expanding ITE’s business in Asia where the organiser has a growing interest principally in China, India and Indonesia, the acquisition includes Fastener Expo in Shanghai and Guangzhou.
The current management team including Yang Jungfeng, will stay with the business.
ITE’s chief executive officer, Russell Taylor (pictured), said: “We are continuing to build businesses in strategically important market sectors and the acquisition of Fasteners Expo increases our presence in China.
“The fastener industry is a key customer to the surface finishing technology sector which convenes at the SF China exhibition organised by our joint venture partners, Sinostar-ITE. The fasteners industry is also a major supplier to the building sector, where we have significant global coverage. We are looking forward to being able to help expand these events as well as being able to maximise data synergies.”
The next event in the Fastener Expo series will be held in Shanghai from 23 to 25 June 2016.
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