Financial details not disclosed (Il Sole 24 Ore Radiocor) - Milan, 25 Jun - The Italian paper and packaging company Fedrigoni said it has acquired a majority stake in the Chinese company BoingTech, one of the major RFID (radio frequency identification) inlay and tag manufacturers worldwide with operations in China and Malaysia.

Financial details of the acquisition, Fedrigoni's fifth this year, were not disclosed.

The deal sees Fedrigoni expanding further in Asia, after the acquisition of ArjoWiggins China in January.

Shanghai Inlay Link will retain a "significant share" in BoingTech, although Fedrigoni will have the right to purchase remaining BoingTech shares in the future.

Boingtech has over 300 employees and expects to post turnover of about 60 million dollars this year.

"The world of RFID is growing rapidly and is increasingly strategic for our group," said Maro Nespolo, CEO at Fedrigoni. "This deal is a further step to significantly increase our size in the segment RFID inlay manufacturing, as well as widen our ability to partner with our customers, alike converters, printers and system integrators, and meet their needs. Furthermore, the acquisition is coherent with our expansion in Asia, where we already have a good presence in terms of manufacturing and distribution footprint.".

AAA-Hob

(RADIOCOR) 25-06-24 10:15:37 (0222) 5 NNNN