New Silkroutes Group acquires Shanghai firms for $49.3 Million

New Silkroutes Group bid to become a major healthcare supplier just took a giant leap.

When it comes to market expansion, there are two main things that you can do. One, you can put millions into investing in technology and growth or two, you can put millions into buying your biggest competitors and take the market share that way. Which is exactly what Singapore based New Silkroutes Group have recently done with the acquisition of Shanghai Fengwei Nonwovens and Shanghai Fengwei Garment Accessory.

In a bid to become a major player in the healthcare supply world in China, the deal cost New Silkroutes just over $49.3 Million. With the group already having nine dental clinics as well as clinical and pharmacy management systems in both Singapore and China, the move is seen as their latest push to move into hospital and clinical management in China and Southeast Asia as the two firms acquired produce materials to use the likes of isolation gowns, disposable shoe covers and ward curtains.

Talking of the recent move, New Silkroutes Group Chief Executive, Goh Jin Hian said: "Amid growing concerns worldwide over infection control, disposable gowns, shoe covers, linens and other medical consumables are increasingly being used and adding to the overall cost of running hospitals and other healthcare facilities. Through this acquisition and with our experience in managing healthcare facilities, we can lower the cost of consumables for healthcare providers and help them enhance operating efficiency.”

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Written by
Poppy covers a wide range of topics at Billionaire, having spent the past 13 years at companies including Singapore Tatler, Her World Plus and Harpers Bazaar UK. She has a passion for fashion, jewellery and travel as well as an avaricious fascination with crime novels. Follow her at poppypskinner on Instagram.

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