by HONG KONG – Motion furniture manufacturer Man Wah Holdings Ltd. has signed an agreement to purchase a 55% stake in Chinese stationary and motion upholstery manufacturer Superb Creation, the parent company of Futura Leathers for HK $209 million, or an estimated $26.8 million in U.S. dollars.
The purchase announced earlier this week in Hong Kong, allows Man Wah to tap into the styles as well as the stationary category offered by both Futura and Superb.
Superb, which has been in business since around 2000 primarily serves the Australia and U.S. markets as well the European market with both branded and OEM product. It has manufacturing facilities in China, Vietnam and Thailand. In Shenzhen, China alone, where the company’s manufacturing is based, it has 1.8 million square feet of manufacturing that employs about 2,400 workers. It also ships more than 800 containers per month from this facility, according to its website.
Futura is a stationary leather upholstery division of the company that specializes in more classic, or traditional style frames and silhouettes.
Officials at Man Wah said the styles and price points offered by Superb and Futura will complement Man Wah’s more transitional and contemporary design footprint.
Gabriele Natale, president of Manwah USA, told Home News Now that the deal is expected to close sometime in the second quarter if not sooner.
He added that the company will operate independently, “using the synergies that the Manwah group brings to the table.”
“The plan is not to change anything,” he added. “We are going to have Superb Creation taking advantage of the synergies we provide. And Manwah likes the Superb Creation team and there are no changes at this point…Superb Creation historically has been a very good line, they build a good product. It is the perfect fit for us.”
