Spanish laundry equipment outfit Girbau has acquired the entire share capital of its Chinese joint venture Girbau Shenguang Laundry Technology (GSLT).
GSLT will be 100% controlled directly by Girbau with the aim of promoting the future development of the company and strengthening its position in the Chinese market, the latter said.
The venture was founded in 2017 by Girbau and Chinese laundry machinery manufacturer Shanghai Shenguang Machinery.
After the completion of the transaction, Shenguang president Qian Zhigen will resign from his position as chief executive of GSLT as well as from his position on the board of directors, moving on to carry out the role of senior advisor until June to provide support during a transition period.
Shenguang general manager, Jeff Liang will serve as head of GSLT, reporting directly to Girbau chief executive Merce Girbau and president Serge Joris.
“From all of us at Girbau, we are grateful to Mr. Qian for his good work and for the unconditional support which he has provided to the group over the years,” said Girbau.
