L'ISOLANTE K-FLEX S.r.l. had signed, on the 24^th of April 2008, an agreement to acquire all of Pan-Chen Overseas Co. Ltd. shares in K-Flex (Hong Kong) Insulation Company Limited in a streamlining exercise. The share purchase was completed on the 22^nd of May 2008 and K-Flex (Hong Kong) Insulation Co., Ltd. is now 100% owned by the Company.

K-Flex (Hong Kong) Insulation Co., Ltd., the Holding Company of 3 wholly owned manufacturing subsidiaries in China, was established in 1998, with Pan-Chen Overseas Co. Ltd. as a business partner.

‘Having already made a strong presence in the Chinese market over the past 10 years and in anticipation of the commissioning of its new state of the art production facility of over 22,000 m² in East China, the acquisition is timely as it allows the Company to streamline and fully consolidate all its operations in China and focus all its energies to accelerate the execution of its expansion policies into China as well as the Asia Pacific region’, said Charles Khoo, CEO for L’ISOLANTE K-FLEX S.r.l. Asia Pacific Operations.

The operations in China have maintained a strong and steady double-digit growth annually over the past years and have established a stable network of distributors across the country to service the market.

‘The Company will now be able to introduce rapidly new innovative technologies into its China operations and invest more in new equipment, allowing it to penetrate into the non-traditional market sectors. This will enable it to continue to maintain its position as a dominant player in the market and to realize its vision of becoming an innovative supplier of total insulation system in the market’, states company owner and IK Group CEO, Carlo Spinelli.