The Girbau Group has acquired the entire share capital of its Chinese joint venture, Girbau Shenguang Laundry Technology. With this purchase, GSLT becomes a direct subsidiary of the Girbau Group, with the aim of promoting the future development of the company and strengthening its position within the Chinese market.
GSLT is the result of the joint venture established in 2017 by the Girbau Group and Shenguang, a Chinese laundry machinery manufacturer. The Girbau Group – which until now held a majority stake in the company – is taking full control after buying the remaining shares from its partner, Qian Zhigen, president of the Shanghai Shenguang Machinery Group.
The partnership between the two companies has enabled Girbau to boost its market share in China and become established in the region. GSLT, located in Shanghai, provides professional laundry solutions and is exclusively dedicated to its customers in the Chinese market.
As part of the agreement, Qian Zhigen will resign from his position as CEO of GSLT, as well as vacating his seat on the company’s board of directors. He will serve as a senior advisor until June, to provide necessary support during the transition period. General Manager Jeff Liang will become the head of GSLT, reporting directly to the Girbau Group CEO Mercè 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 that he has provided to the group over the years,” Mercè Girbau stated.