Haworth Inc. signs joint venture in Malaysia.HOLLAND, Mich.--(BUSINESS WIRE)--Sept. 14, 1995--A joint venture was signed last week between Haworth Inc. and The Sumurwang Group, a Malaysian investment company, to manufacture and distribute Haworth office furniture products in Malaysia. Haworth is the world's second largest office furniture manufacturer and Sumurwang Group has conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. interests in manufacturing, property and finance. The newly incorporated joint venture Incorporated joint venture A joint venture in which the legal means of dividing the project's equity by shareholdings in a company. company, Haworth Sumurwang Sdn Bhd SDN BHD Sendirian Berhad (Malay equivalent to incorporated) , provides an opportunity for Haworth to expand its manufacturing operation in the Asia Pacific region, while Sumurwang's knowledge of the local market offers a powerful base for growth in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . ``Asia Pacific is continuing to grow at a rapid pace and, strategically, Malaysia is a natural expansion choice for Haworth,'' said Jerry Johanneson, Haworth's president. ``The thriving Malaysian economy and positive business climate are beginning to attract many multinational companies and creating great market potential for Haworth products.'' Since 1988, Malaysia's economy has been growing at an average rate of nearly 9 percent, and that growth trend is expected to continue through the year 2000. In addition, the construction sector continues to grow at about 15 percent per year, primarily in offices, hotels and industrial estates. The joint venture will be composed of both manufacturing and sales operations. A manufacturing plant will be constructed near Kuala Lumpur Kuala Lumpur (kwä`lə l  m`pr), city (1990 est. pop. , Malaysia; a showroom and sales office will be maintained in the Central Business District of Kuala Lumpur. Haworth began expansion into the Asia Pacific region in 1992, by establishing operations in Taiwan, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Singapore and Thailand. These overseas investments created a Haworth manufacturing and distribution network that provides the company with greater opportunities to serve its growing number of multinational customers in the region. ``Total customer satisfaction is the cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to of Haworth's success and our presence in Malaysia will further strengthen our ability to serve our customers around the world,'' added Johanneson. Haworth Inc. is a global leader among the top office furniture manufacturers with 1994 sales in excess of $1 billion. Based in Holland, Haworth employs more than 7,000 members (employees) and has more than 60 showrooms worldwide. CONTACT: Edelman Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , Chicago Julie Ketay, 312/240-2711 Kim Kumiega, 312/240-2624 |
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