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Tennant to improve coverage in China with acquisition of Gaomei Cleaning Equipment
Tennant Company announced this week that it has signed a definitive agreement to acquire Gaomei Cleaning Equipment Company, a privately held designer and manufacturer of commercial cleaning solutions based in China.
Gaomei, a family-run business, offers a range of cleaning machines and equipment, including single disc scrubbing machines, vacuum cleaners, carpet extractors, blowers, high-pressure washers, sweepers, and floor scrubbers.
The company, founded in 1997, has been a recognised leader in the research, development and production of small- to mid-sized cleaning solutions for commercial and industrial applications.
"Acquiring Gaomei is a strategic move that aligns with our growth aspirations in the China market," said Pat Schottler, Tennant Company vice president, APAC. "Over the last 21 years, Gaomei has consistently demonstrated an ability to grow and distinguish its brand in China.
"The acquisition will enable Gaomei and Tennant to further strengthen our position in the region by offering highly complementary product portfolios and differentiated go-to-market approaches.
"We welcome Gaomei as part of Tennant Company's multi-brand portfolio. Gaomei is an established leader in the mid-tier market with a strong management team and we are excited about our combined potential."
Gaomei will continue to operate and compete independently, according to the company's general manager Chen Guobao. "The company will remain focused on building its brand, advancing its innovative product portfolio, and growing its market presence," he said. "This is a win-win for Gaomei and Tennant as well as our partners, customers, and employees.
"We are confident that our collaboration with Tennant will help us expand our capabilities and grow the Gaomei brand. We are very excited about the future and the possibilities ahead of us working together with Tennant Company."
Tennant, which expects the acquisition to be completed in the 2018 fourth quarter, has manufacturing operations throughout the world; selling products directly in 15 countries and through distributors in more than 100 countries. The company boasted sales of $1.0 billion in 2017 and has approximately 4,300 employees.
Gaomei's professional cleaning equipment is sold in Southeast Asia, Australia, South Asia, Eastern Asia, Europe, the Middle East and the Americas.
27th September 2018