|By PR Newswire||
|March 5, 2014 10:01 AM EST||
PLYMOUTH, Mich., March 5, 2014 /PRNewswire/ -- Freudenberg Home and Cleaning Solutions Business Group has established the Joint Venture FHCS Korea Limited with its former distributor VLD in South Korea. Freudenberg holds 80 percent of the shares in this joint venture.
South Korea ranks among the twenty most important industrial and emerging market countries, and it also belongs to the "Next 11", a group of the most notable emerging countries after the BRIC countries of Brazil, Russia, India and China. "The potential is considerable – the market ripe for high-quality and innovative products. This is the reason why we wish to intensify our activities locally," explains Raphael Sachs, Vice President of Freudenberg Home and Cleaning Solutions Asia/Pacific Consumer.
Since the end of the year 2012, vileda®, Freudenberg's signature line of home cleaning products, is sold in the largest supermarkets in the country.
"With this next step, we want to press ahead with our development locally, expand our sales and distribution network and position the vileda brand more effectively," says Dr. Klaus Peter Meier, CEO of Freudenberg Home and Cleaning Solutions. The demand for German brands in South Korea is increasing. "In addition, the purchasing power of the population is growing and the retail market network is highly skilled." A wide product portfolio is offered covering the entire vileda® product range.
Freudenberg has been represented in South Korea since 1973. Together with its partners, the Group today employs around 370 employees at five sites.
About the Freudenberg Group: The Freudenberg Group is a family company offering its customers technically challenging product solutions and services. The Group develops and manufactures seals, vibration control components, filters, nonwovens, products for surface treatment, release agents and specialty lubricants, medical and mechatronic products. And especially for mid-size companies Freudenberg develops software solutions and IT services. The end-user can find modern Freudenberg household products in the shops under the brand names of vileda®, O-Cedar®, Wettex®, Gala® and SWASH®. The Freudenberg Group employed 37,453 people in 57 countries and generated sales of more than €6.3 billion in 2012. For further information, please go to www.freudenberg.de
About Freudenberg in North America: Freudenberg North America Limited Partnership is the North American holding company for Freudenberg & Co. of Weinheim, Germany that owns a family of companies which operate 15 unique businesses at 86 locations in North America. Together, these companies provide innovative products and solutions to customers in industries ranging from automotive, aerospace, and medical to chemical, oil and gas, and construction. For further information, please visit www.freudenberg.us.
SOURCE Freudenberg Group