TEKNION CORP: Acquires Leading Malaysian Office Furniture Manufacturer / November 25, 1999
TEKNION CORP ("TKN-T;TEKNF-L") - Acquires Leading Malaysian Office Furniture Manufacturer
Teknion Corporation announced that its subsidiary, Teknion Furniture Systems (Malaysia) Sdn. Bhd.,
has acquired Lion Seatings Sdn. Bhd., a leading Malaysian manufacturer of filing, storage and seating
products. Terms of the acquisition were not disclosed.
"The acquisition of Lion Seatings and its 160,000-square-foot facility in Klang significantly improves
our manufacturing capability in Southeast Asia," said David Feldberg, President and Chief Executive
Officer of Teknion Corporation. "The market for office furniture in this part of the world will continue to
expand as the economic recovery gathers momentum and as the region prepares for free trade in
2003. Together with our existing facility in Malaysia and the strategic relationships we have formed,
Teknion is now well positioned to take advantage of this market growth opportunity."
Teknion Malaysia was formed in 1994 to offer more efficient and timely service to Teknion's customers
in Southeast Asia and the Pacific Rim region. For the past four years Lion Seatings has manufactured
Teknion filing and storage products under license, as it has not been economical for Teknion Malaysia
to import these products from Teknion facilities in Canada.
"Our Malaysian manufacturing capability is greatly expanded, allowing us to increase and expand
local production of Teknion product lines, including seating," said Feldberg. "The Lion Seatings facility
is located close to the major Malaysian port of Klang, enhancing our ability to operate efficiently and
cost effectively in the entire region."
Teknion Malaysia is 80% owned by Teknion Corporation. The remaining 20% is owned by Vanguard
Interiors Pte. Ltd., Teknion's exclusive distributor in the Pacific Rim region.
Teknion Corporation is a leading international designer, manufacturer and marketer of office systems
and related furniture products. Teknion headquarters are located in Toronto, Canada. The company
employs more than 3,000 people at offices and facilities in Canada, the United States, United
Kingdom, Western Europe and the Pacific Rim, and serves clients through a network of more than 400
authorized dealers worldwide. TEL: (416) 661-1577 x 2601 Michael Herman, Sr. V.P., Corporate
Development TEL: (416) 661-1577 x 2542 Robert Boyd, Sr. V.P., CFO |
