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Prime & Richina merger to form world's largest leather maker

01
Apr '08
Prime Tanning Co Inc and Shanghai Richina Leather Co Ltd announced the planned merger of the two companies to form the world's largest premium leather maker, Prime Leather International (PLI).

Prime currently operates the largest vertically integrated wet blue and side-leather finishing tanneries in North America, and sells its finished leather to footwear, handbag, upholstery, and specialty markets worldwide, and the U.S. military.

SRL finishes leather at its large facility in Shanghai, which it sells to the shoe, garment, and automotive leather markets. Both companies supply the world's best brands.

The combined company will have capacity to finish over 150 million feet of leather annually. Robert Moore, current CEO of Prime, will become CEO of the new company, and the board of directors will be comprised of representatives of both companies.

The combination will be structured as a three-step process. First, the two companies will execute a management agreement that will combine on May 1, 2008 their global management, marketing, sales, and customer service teams into one entity so they can deliver significant synergies to their global customer base immediately.

Second, Prime and SRL will legally combine the balance of their operations through a merger or contribution agreement as soon as possible.

Third, the combined entity will seek a listing on an Asian stock exchange at the earliest possible time according to market conditions.


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