BoingTech is a subsidiary of Shanghai Inlay Link Inc, a NEEQ-listed Chinese holding company that manufactures UHF and HF/NFC RFID inlays and tags in two plants, in China and Malaysia.
Shanghai Inlay Link will retain “a significant share” to ensure a smooth transition and continued business enhancement, while Fedrigoni will have the right to purchase the remaining shares of BoingTech in the future.
“After this strategic arrangement, Shanghai Inlay Link will maintain its existing activities related to the manufacturing of RFID antennas and full solutions provider through its dedicated legal entities,” the company stated.
BoingTech is expecting a turnover of about $60m (£47.3m) for 2024 and employs more than 300 staff.
Fedrigoni said the deal would strengthen its RFID offering, bringing additional value to customers in its businesses for both self-adhesives and specialty papers for luxury packaging “where it is increasingly important to track-and-trace products along the value chain, as well as to find solutions to protect brands, verify their authenticity and prevent counterfeiting but also to provide consumers with increasingly engaging shopping experiences”.
The deal, announced today (25 June), marks Fedrigoni’s fifth this year and sees the group continue its further expansion in Asia, following its acquisition of Arjowiggins China in January.
Marco Nespolo, CEO at Fedrigoni Group, said: “The world of RFID is growing rapidly and is increasingly strategic for our group. This deal is a further step to significantly increase our size in the segment RFID inlay manufacturing, as well as widen our ability to partner with our customers, alike converters, printers and system integrators, and meet their needs.
“Furthermore, the acquisition is coherent with our expansion in Asia, where we already have a good presence in terms of manufacturing and distribution footprint.”
Xingming Li, founder of Shanghai Inlay Link, added: “I am delighted to welcome a global player such as Fedrigoni and start with them a transformation journey for BoingTech, grounded on a shared vision.
“I am sure this partnership will boost our ability to meet customers’ needs, leveraging on Fedrigoni Group’s global commercial network and its presence in over 130 countries.”
The group’s most recent deal prior to this was its May purchase of a majority stake in Germany’s Poli-Tape Group.
