Trumpf acquires majority stake in China's Jiangsu Jinfangyuan CNC Machine Company; posts best ever sales

JFY manufactures machine tools for sheet metal processing and, in terms of output quantities, ranks as the Chinese market leader for punching and bending machines. It is also growing increasingly important in the laser cutting machine sector. The company was privatised in 1997 and is based in Yangzhou (300 km west of Shanghai). In 2012, with almost 700 employees, JFY generated sales of approximately €70 million. "Acquisition of this prestigious Chinese company is strengthening our presence in the world's most important mechanical engineering market," said Trumpf president Nicola Leibinger-Kammüller. "It is very unusual that a direct investment like this has been made possible for us, as a medium-sized company – and especially in mechanical engineering, which the Chinese government has classified as a key sector. "With our alliance, Trumpf and JFY are now in a more powerful position than other providers to give customers products on every technological level, and from the same group of companies." The JFY brand will continue to remain independent, says Trumpf, with the company's operational management remaining with the team that has managed it for many years and which will also retain the shares not acquired by Trumpf. The cooperation will strengthen JFY technologically, while it will also benefit from the German company's global position. Trumpf and JFY will expand their joint sourcing in China, securing cost benefits. The two not only complement each other in terms of their product portfolios and they also share the same priorities, where corporate culture is concerned, it is stated. The mission of both companies to be technological leaders in their respective market segments and both also place the highest importance on thinking long-term, on continuous improvement, and on responsible treatment of employees. The acquisition of JFY is one of a series of changes through which Trumpf intends to realise growth in promising markets over the coming years. In its last financial year, 2012/13, Trumpf increased its sales to €2.34 billion; up from €2.33 billion and the highest sales figure in the 90-year history of the company.