29.03.2017
Einhell Germany AG DE0005654933
DGAP-News: Einhell Germany AG: Einhell Germany AG and Zhejiang Minglei Tools set up a joint venture
DGAP-News: Einhell Germany AG / Key word(s): Joint Venture/Joint Venture
Einhell Germany AG: Einhell Germany AG and Zhejiang Minglei Tools set up a
joint venture
29.03.2017 / 12:55
The issuer is solely responsible for the content of this announcement.
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Information of the Einhell-Group
Einhell Germany AG and Zhejiang Minglei Tools Industry Co., Ltd. set up
a joint venture called Minglei Neo Energy Tech Co., Ltd.
Einhell Germany AG and its strategic partner Zhejiang Minglei Tools Industry
Co., Ltd. have decided to set up a joint venture under the name of Minglei
Neo Energy Tech Co., Ltd. in the city of Ningbo, China, in order to further
strengthen their partnership.
Einhell is one of the leading vendors in the field of power and garden
tools. During the past years it has become a brand which is operating
throughout the world. With its core competency being the innovative battery
platform Power X-Change and having a target turnover of 500 million EUR in
2017, the Einhell group has become a significant player on the world market
for power- and garden tools. With its brand "NEO" and around 400 million RMB
turnover, the Minglei group is a rising star in China specialized in battery
powered tools which fits perfectly to Einhell's strategic focus on their
cordless Power X-Change tools, which will include more than 80 devices by
the end of 2018.
Both parties strongly believe that, with Einhell's know-how regarding
battery technology and Minglei's production capability combined, they will
be more efficient and innovative by uniting their respective strengths and
will thus reinforce the market position of Power X-Change products.
"We believe that within the next 10 years, battery power will largely
replace electrical wires for both home appliances and garden tools.
Therefore, we focus all our strength within the technology and the
development department on this very topic. This alliance will get us a
leading role with regard to battery powered power and garden tools.",
said CEO Andreas Kroiss.
Landau/Isar, 29 March 2017
Board of Directors
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29.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Einhell Germany AG
Wiesenweg 22
94405 Landau/Isar
Germany
Phone: +49 (0)9951-942-166
Fax: +49 (0)9951-942-293
E-mail: [email protected]
Internet: www.einhell.com
ISIN: DE0005654933, DE0005654909
WKN: 565493, 565490
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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559597 29.03.2017
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