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Sweden's Husqvarna buys Taiwan outdoor assets
STOCKHOLM, March 17 |
STOCKHOLM, March 17 (Reuters) - Garden and construction equipment maker Husqvarna (HUSQb.ST) said on Monday it had signed a deal to buy the outdoor products division of Jenn Feng Co. Ltd (1538.TW) in Taiwan.
Husqvarna gave no financial details of the deal, but said that the division of Jenn Feng being bought had sales of around $120 million in 2007, around half of which were in Europe.
Jenn Feng is a leading producer of chainsaws and trimmers for the consumer market and also makes lawn mowers, high-pressure washers and generators.
"The acquisition gives the Husqvarna group a greater presence, as well as a wider manufacturing base in Asia," the company said in a statement.
It also gives Husqvarna rights to the McCulloch brand in the North American market. The Swedish firm, the world's biggest producer of lawn mowers and chainsaws, already has the rights to the McCulloch brand in the rest of the world.
"McCulloch is a well-known brand and will be a good compliment to our other brands in North America," the company said.
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