Flex and Chervon
A strong partnership for a successful future.
Steinheim, Germany, 30 September 2013 - Chervon Holdings Limited ("Chervon", chervon.net) today announces the acquisition of all shares in power tool manufacturer Flex-Elektrowerkzeuge GmbH ("Flex", www.flex-tools.com) of Steinheim, Germany, from its previous financial investors.
Flex has been in business for over 90 years and currently employs over 250 people. Over 60 years ago, Flex invented the world's first high-speed angle grinder and built a renowned brand that has become synonymous with angle grinders. Today, Flex develops, manufactures and markets technically advanced power tools for professional users. The Flex brand stands for quality, performance and innovation in the automotive, refurbishment, renovation and modernisation, metal working, paint finishing and natural and engineered stone sectors. With many years of experience, Flex focuses on developing new solutions in existing industries and other professional product lines. Flex products are distributed worldwide, with a current focus on Europe and North America.
Chervon was founded 20 years ago in its home market of China and has grown to become one of the top ten power tool manufacturers. Chervon Holding is headquartered in Hong Kong. All development and production takes place in mainland China. Approximately 5,000 employees develop and produce a wide range of power tools. Customers include global and professional brand manufacturers as well as do-it-yourself brands for the construction and DIY markets. As a global company, Chervon's main markets are North America, Europe and Asia. With the Devon brand, Chervon has also established a professional product line for industrial and commercial users in the Greater China region.
Under Chervon's leadership, Flex will continue to develop and market products under its own brand name. Chervon intends to maintain and expand Flex's headquarters and manufacturing facilities in Steinheim. Chervon will continue to rely on Flex's proven management team, development centre and employees to jointly develop and grow the business, supported by Chervon's commercial capabilities and global network.
Chervon is confident in the successful future development of Flex. The acquisition of Flex creates a unique opportunity to strategically combine strengths and capabilities. Flex has a strong foundation for growth based on solid retailer and customer confidence in the brand, an experienced and capable workforce and the ability to deliver high quality products. Chervon will strengthen Flex's existing business and lead the company to sustainable success in the global marketplace through technological innovation, expansion of the product portfolio and strategic use of existing distribution channels.