Chinese container maker buys Switzerland’s SIGG from Riverside
Zhejiang Haers Vacuum Containers, a Chinese stainless vacuum container manufacturer, has agreed to pay The Riverside Company CHF16.1 million ($16.6 million) in cash for Swiss bottle maker SIGG.
Zhejiang Haers said in a filing that it has signed agreement to acquire 100% of SIGG from Riverside Europe Fund IV, which closed in 2010 at EUR420 million ($474 million). Through the SIGG purchase, Haers wants to become an internationally recognized drinking bottle producer. It will also support the global development of SIGG's precision technology.
Founded in 1908, Frauenfeld-based SIGG produces aluminum drinking bottles that are sold in more than 40 countries in Europe, Asia and the US. Riverside acquired the company in November 2003.
SIGG's revenue fell from CHF22.41 million in 2013 to CHF18.36 million in 2014, while net losses widened to CHF4.91 million in 2014 from CHF2.63 million in 2013.
Haers Vacuum Containers was founded in 1996 and went public in 2011. It manufacturers a wide range of stainless steel vacuum bottles and food containers in Yongkang, a city in Zhejiang province. Haers already supplies bottles to SIGG.
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