Completion of transaction:  JOFO Nonwovens acquires SAAF majority shares

Weifang, China and Al Khobar, Saudi Arabia – 08 July 2021: 

JOFO NONWOVENS CO., LTD. (“JOFO”) based in No. 6446 Baotong Street, New High Technology Area, Weifang, Shandong Province, China and Takween Advanced Industries Co.. (“Takween”) a publicly Listed company on the Saudi Stock Exchange and based in Al Khobar, Saudi Arabia today jointly announces full completion of the transaction and the satisfaction of all the transaction’s requirements.

This is a final update to the joint announcement on 30/12/2020 regarding the signing of a share purchase agreement for the sale of 70% of the shares in Advanced Fabrics Factory Company (“SAAF”). 

JOFO is a fast growing & leading nonwoven supplier in China, and it has 5 manufacturing sites in Asia. With the transaction, JOFO will further enter a growing medical sector on top of existing hygiene and industrial business. 

Takween was founded in 1993 and exercise its activity inside the Kingdom of Saudi Arabia and Egypt through its subsidiaries, namely: SPPS, Al Sharq, New Marina and SAAF, in both packaging and nonwovens markets. SAAF is a major player in the world of advanced spunmelt fabrics in both medical and hygiene sectors.

Rain Tian, Chief Executive Officer of JOFO said, “I am very pleased to see the transaction is fully completed, acquiring SAAF will allow us to really move into the medical market—it has allowed us to increase our capacity but it has also expanded our offerings, and location wise, having operations in both far east Asia and the Middle East gives us the flexibility to our customers.  It is also an important step for our global footprint building—not just with our manufacturing but also with the global supply chain.”

Abdulmohsen Alothman, Chairman of Takween’s board of directors said, “After the Board of Directors approved by its decision dated 30/12/2020, signing the agreement with JOFO, now we have completed the deal, which is in line with the company's current strategy aimed at focusing and expanding in the plastics sector, whether inside or outside the Kingdom of Saudi Arabia or in the countries in which the company operates as well as the partnership with leading global non-woven industry players to expand its operations.”

Along with this transaction, JOFO has also continued to invest in the medical sector in China, to become a global leader in medical and protective nonwovens, and at the same time, to further complete the layout of globalization and become a truly international nonwovens enterprise.