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Yue Yuen & Upmax JV in safety/casual shoes segment

08
Nov '05
Footwear manufacturer Yue Yuen Industrial (Holdings) Limited sets up a joint venture called, Oftenrich Holdings Limited, with Upmax Investments Limited, which is a member of the Golden Chang Group (“the Golden Chang”).

The joint venture will focus at safety shoes/casual shoes manufacturing. The registered share capital of Oftenrich Holdings is about US$58 million, in which Upmax holds a 55% with the remainder held by the Group.

Taiwan based Golden Chang is established by the Ho family, which has over fifty years of experience in leather processing and footwear manufacturing. The company is the market leader in safety shoes manufacturing and its principal production base is located in Zhongshan, Guangdong Province, China. Major products of Glory Shoes are cementing, stitchdown and injection shoes.

Major customers include Wolverine, Wal-Mart, Timberland and Dr. Martens. The annual turnover of Golden Chang was over US$200 million with a production of about 12 million pairs of shoes.

For the joint venture, Golden Chang will be responsible for operation and production with the input of its technical expertise in safety shoes manufacturing whereas Yue Yuen will have an input on the finance and information technology side.

Commenting on the joint venture, Mr. Edward Ku, Executive Director for the Group states that teaming up with a well-experienced manufacturer will offer immediate contribution and product category diversification opportunity to the Group.


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