Asia Fresh News

Asia Fresh Stories

Archive for November 2nd, 2011

TOYS”R”US, INC. Acquires Majority Stake in Existing Business Operations Throughout Southeast Asia and Greater China

leave a comment »

Joint Venture Agreement with Li & Fung Retailing Provides Significant Opportunity for Further Expansion in New and Existing Asian Markets

WAYNE, N.J., Nov. 1, 2011 /PRNewswire-Asia/ — Toys”R”Us, Inc. and Li & Fung Retailing today announced they have entered into a joint venture agreement for the Toys”R”Us(R) business in Southeast Asia and Greater China. With this agreement, the existing Toys”R”Us licensed operations throughout Asia, which currently consist of more than 100 stores and offices across nine markets, will become 70 percent majority owned and controlled by Toys”R”Us, Inc. and 30 percent owned by Li & Fung Retailing. The terms of the joint venture also allow Toys”R”Us, Inc. to acquire the remaining share of the business in the future.

Effective immediately, the joint venture will include 90 existing Toys”R”Us stores in Brunei, mainland China, Hong Kong, Malaysia, Singapore, Taiwan and Thailand. These stores will be considered wholly owned operations of Toys”R”Us, Inc., increasing the number of the company’s wholly owned international locations by 17 percent. The remaining 14 stores in the Philippines and Macau continue to be operated under a license agreement.

“Li & Fung has been a terrific partner in establishing and growing the Toys”R”Us brand in Asia, and we are pleased to continue our work with them as we enter this exciting next phase of our business development there. We believe there is significant growth opportunity for our company in this region, and we look forward to an aggressive expansion of our business in both existing and new Asian markets, including Northern China,” said Jerry Storch, Chairman and CEO, Toys”R”Us, Inc. “International growth remains a key part of our long-term business strategy, and we are proud to celebrate this important milestone for our company.”

The joint venture will include ownership and oversight of office operations in all nine markets, as well as the regional headquarters in Hong Kong. More than 350 employees who had previously been part of the licensed operation will now become Toys”R”Us, Inc. employees. An existing network of eight distribution centers in Asia will be used to stock its Toys”R”Us stores.

The Chairman of the Li & Fung Group, Dr Victor K Fung said, “Over the past 25 years we have opened over 100 Toys”R”Us stores across Asia. This successful business has benefited from high brand awareness and the recruitment of nearly three million members in our Star Card loyalty program in the markets we operate. We are pleased to return to the joint venture arrangement with Toys”R”Us, Inc. in anticipation of the next phase of business growth. The new agreement will enable us to expand into additional geographies such as Northern China, which will help us leverage even further growth in the region.”

Toys”R”Us, Inc. opened its first international locations in 1984 with wholly owned stores in Canada and a licensed store in Singapore and has continued to grow its operations around the world. The Toys”R”Us business in Asia grew in 1986 when Li & Fung Retailing opened the first Toys”R”Us store in Hong Kong at Ocean Terminal in a joint venture with Toys”R”Us, Inc. This joint venture was converted to a licensing business in 1999.

Toys”R”Us, Inc. now operates more than 600 wholly owned locations in the U.K., Japan, France, Germany, Spain, China and Canada, among others. In addition, the company currently has more than 140 licensed Toys”R”Us stores through agreements with respected retail partners around the globe.

About Toys”R”Us, Inc.

Toys”R”Us, Inc. is the world’s leading dedicated toy and juvenile products retailer, offering a differentiated shopping experience through its family of brands. Merchandise is sold in 873 Toys”R”Us and Babies”R”Us stores in the United States and Puerto Rico, and in more than 600 international stores and over 140 licensed stores in 35 countries and jurisdictions. In addition, it exclusively operates the legendary FAO Schwarz brand and sells extraordinary toys in the brand’s flagship store on Fifth Avenue in New York City. With its strong portfolio of e-commerce sites including Toysrus.com, Babiesrus.com, eToys.com and FAO.com, it provides shoppers with a broad online selection of distinctive toy and baby products. Headquartered in Wayne, NJ, Toys”R”Us, Inc. employs approximately 70,000 associates annually worldwide. The company is committed to serving its communities as a caring and reputable neighbor through programs dedicated to keeping kids safe and helping them in times of need.

About Li & Fung Retailing

Li & Fung (Retailing) Limited, a member of the privately held Li & Fung Group, was formed in 1985 as a wholly owned subsidiary of the privately held Li & Fung (1937) Limited. All the retailing businesses under Li & Fung Retailing are not related to the publicly listed Li & Fung Limited (SEHK: 494).

Under Li & Fung Retailing there are two listed entities: Convenience Retail Asia Limited (SEHK: 00831), operator of the Circle K convenience stores and the Saint Honore Cake Shops in Southern China; and Trinity Limited (SEHK: 00891), a leading high-end luxury menswear retailer primarily serving Greater China.

In addition to the listed entities there are other privately held businesses including LiFung Children (Holdings) Limited with a business focus on apparel, footwear and accessories for children.

Li & Fung Retailing’s businesses extend from Greater China to South Korea, Singapore, Malaysia, Thailand, Indonesia and other Southeast Asia countries through a combined network of over 1,100 stores

Media Contacts:

Toys”R”Us, Inc.
Kathleen Waugh
Tel:+1-973-617-5888/646-366-8823
waughk@toysrus.com

Jennifer Albano
Tel: +1-973-617-5632
Jennifer.albano@toysrus.com
SOURCE Toys”R”Us, Inc.

Written by asiafreshnews

November 2, 2011 at 12:08 pm

Posted in Business & Finance

Air Products Supplies Integrated Oxy-fuel Solution to Guangzhou Chung Shun Century Fiberglass

leave a comment »

Innovative combustion technology offering multiple benefits from reduced emissions to improved productivity, energy and cost efficiency and quality

LEHIGH VALLEY, Pa., Nov. 1, 2011 /PRNewswire-Asia/ — Air Products (NYSE: APD), a leader in oxy-fuel combustion technology and integrated solution supplier to the global glass industry, today announced it has signed a contract to supply its integrated oxy-fuel solution to Guangzhou Chung Shun Century Fiberglass (CS) in Nansha, China to reduce emissions and improve productivity in glass filament production.

Under the contract, Air Products supplies Cleanfire(R) oxy-fuel burners, oxygen and flow control skid; and will also install the company’s Prism(R) vacuum swing absorption (VSA) unit at CS’s site for on-site oxygen generation. The VSA, when coming on-stream at the end of this year, will supply reliable and economical oxygen used to power the oxy-fuel burners for melting glass.

With over 50 years of experience in oxy-fuel technology, Air Products offers an integrated oxy-fuel solution, from gases supply to oxy-fuel burners and technology, customized control system, technical and design expertise, commissioning service, safety and site training, maintenance contracts and project management. Air Products has installed more than 1,500 Cleanfire burners around the world. For more information, visit http://www.airproducts.com/industries/GlassMinerals.aspx.

An innovative combustion technology, oxy-fuel technology brings various benefits, such as over 80% reduction of nitrogen oxide emissions, about 25% increase in productivity, reduction of capitals, 25-60% energy savings and improvement in efficiency and glass quality.

“We are honored to have the opportunity to leverage our technology and global experience to support CS’s conversion to oxy-fuel combustion,” said Richard Huang, Asia industry manager for Glass and Primary Metals and Minerals, Air Products. “China is a high-growth market for the glass industry and manufacturers need innovative solutions to address increasingly stringent environmental regulations while improving productivity. Air Products is a leader in oxy-fuel technology with proven track records and we understand the China market. Our glass experts will continue to help more glass makers in China realize the benefits of this innovative technology and achieve success.”

Established in 2001, CS is wholly owned by Kingboard Chemical Holdings, a Hong Kong listed corporation with business ranging from laminates to printed circuit boards and chemicals to property developments in China. CS manufactures alkali-free fiberglass for Kingboard’s printed circuit board production.

Air Products has been operating in Taiwan through its San Fu subsidiary since 1987 and supplies atmospheric and specialty electronics gases, chemicals and related equipment to many industries. The company has approximately 800 employees at 18 locations capable of serving all parts of Taiwan.

Air Products San Fu was named one of “The Top 300 Companies” in Taiwan by The Commonwealth magazine, and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications, a measure of the company’s commitment to high standards of quality and environmental responsibility.

Air Products (NYSE:APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2010, Air Products had revenues of US$9 billion, operations in over 40 countries, and 18,300 employees around the globe. For more information, visit http://www.airproducts.com.

***NOTE: This release may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this release regarding important risk factors. Actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors not anticipated by management, including risk factors described in the Company’s Form 10K for its fiscal year ended September 30, 2010.

Media Inquiries:

Asia

Jessica Cheng
Tel: +852-2863-0585
Email: chengjs@airproducts.com

U.S.

Robert Brown
Tel: +1-610-481-1192
Email: brownrf@airproducts.com.

Investor Inquiries:

Simon Moore
Tel: +1-610-481-7461
Email: mooresr@airproducts.com

SOURCE﹛Air Products

Written by asiafreshnews

November 2, 2011 at 10:45 am

Posted in Uncategorized