Sigg Bottle Acquired by Chinese Manufacturer
JINHUA, China – US private equity firm Riverside Company, owner of Sigg Switzerland AG since November 2003, sold the traditional drinking bottle company to Chinese Zhejiang Haers Vacuum Containers Co. Ltd.
The Chinese stainless steel vacuum bottle, food container and vacuum flask producer Haers pays CHF 16.1 million (€ 14.6 mn) for Sigg Switzerland AG, reports Froriep, the Swiss law firm who carried out the legal due diligence review and acted as Swiss transaction counsel to Zhejiang Haers Vacuum Containers Co. Ltd.
Over 100 years old
The transaction forms were signed on 3 February and the entire transaction should be finalized by the end of February. The 65 employees of the more than 100 years old Swiss company Sigg were informed about the takeover only shortly before the news was made public. Sigg was still producing a major part of its legendary aluminium drinking bottles in Frauenfeld.
Production in Switzerland
According to Sigg CEO Stefan Ludewig, “The new owner will maintain the production in Switzerland. With the Sigg takeover Haers wants to become an internationally recognized drinking bottle producer. This acquisition offers us nothing but chances.”
Hairs Vacuum Containers Co., Ltd. was founded in 1996 in Jinshua/Zhejiang province and is listed since 2011. Based approximately 300 kilometres south of Shanghai they claim to be the first publicly listed Chinese corporation in the vacuum bottles industry. Sigg was already among their customers they were supplying stainless bottles.