Nord-Lock Group acquires main distributor in Korea
Nord-Lock Group (Sweden) has signed an agreement to acquire all shares in its main distributor in South Korea, Nord-Lock Korea Co., Ltd. The signing ceremony took place in the Nord-Lock Korea office in Busan, Korea. The closing and change of ownership is scheduled for January 4, 2016.
The acquisition is a natural step in the growth strategy of Nord-Lock Group. Korea is an important manufacturing nation and a significant market for bolt securing and tensioning. The aim is to create further possibilities of growth in Korea for the Nord-Lock Group.
Nord-Lock Korea was founded in October 2000 by Jason Kim and he has built up the business over the past years together with his family and devoted co-workers. Today, the team includes 10 employees and the business is very respected and successful. The comprehensive stock ensures delivery excellence to the numerous customers in Korea.
Jason Kim, owner and founder of Nord-Lock Korea comments: ‘I am very pleased that Nord-Lock Korea can take the next step as part of Nord-Lock Group. I have worked hard to introduce and develop the wedge-locking business in Korea. I still remember that my first customer was Samsung Semiconductor. I have always focused on the unique technical features and quality of the Nord-Lock products. Now it is time for the company to take the next step in its expansion, and I am happy to see that this can be done within the Nord-Lock Group.’
Ola Ringdahl, CEO of Nord-Lock Group, comments: ‘I am very excited today. Jason Kim and his team have built a strong company with a very good reputation in the demanding Korean market. We have seen impressive growth in Korea and we are determined to build upon this and develop it further as part of our growth agenda for Korea and Asia. Jason Kim and the employees of Nord-Lock Korea will continue to lead the expansion together with Kim Yong-Il, Country Manager Korea for the Nord-Lock Group.’
Busan, Korea, 30 November 2015
Mr. Ola Ringdahl
CEO, Nord-Lock Group