Bobst Group has announced that before the end of the year it will exercise its option to purchase from Gary Tseng the remaining 35% of Gordon’s shares, the Hong Kong-based holding company of Shanghai Eternal Machinery. Tseng will remain managing director in charge of the operations as before. Both parties have agreed not to disclose any information concerning the conditions of the transaction. Philippe Milliet, head of Bobst business unit sheetfed and member of the group executive committee, said, “We are very happy with the development of Gordon during the past five years. Gordon has developed new products and reinforced its market position under the strong leadership and vision of
Tseng. We are looking forward to continuing to take advantage, under an adapted governance due to change in shareholding, of the huge experience of Tseng.”
On selling the balance of his stake, Tseng commented, “I am very happy with my decision of joining Bobst. During the cooperation with Bobst in the last five years, Gordon has made significant improvements in product range and market presence. There are still many development possibilities ahead of us and I will be more than happy to contribute as the managing director.