ITE Group Forms JV with Hong Kong-based Worldcoat Exhibitions
The ITE Group formed a 50:50 Joint Venture with Hong Kong-based Worldcoat Exhibitions Ltd., resulting in the creation of a new organizer, Sinostar ITE, and acquisition of two major trade events, ChinaCoat and SFChina (surface finishing).
"This is an important step as we begin building a business in China and it further increases our presence in the wider Asian region,” said ITE Group CEO Russell Taylor.
He added, “This JV represents progress in achieving the Group’s aims to expand its territorial operations in markets with further potential for growth.
ChinaCoat and SFChina serve the decorative, industrial coatings and finishing industries in China and the surrounding region.
They are concurrently held in November each year and alternate between Shanghai and Guangzhou.
The upcoming 2013 exhibition will be held in Shanghai, marking the 26th edition of this event, and is expected to be in the region of 35,000 square meters net, as well as attended by more than 30,000 professional visitors.
The owner of Worldcoat and the current CEO of Sinostar International, Raymond Ho, will become CEO of Sinostar ITE.
“ChinaCoat and SFChina are the leading coatings and finishings exhibitions in Asia. The addition of these sectors to ITE’s portfolio is also consistent with our strategy of building market leading positions in key growth sectors,” Taylor said.
He added, “We will leverage Sinostar ITE’s international exhibition expertise to continue to grow these exhibitions as well as developing a wider portfolio in this sector.”
The Sinostar deal is just the latest in a string of expansion announcements by ITE. The company also will launch Paperex Indonesia 2014, their existing Cosmobeauté into Myanmar and TransAsia into Singapore next year, among many others.