Nov. 7, 2008 (China Knowledge) - Hong Kong-listed Li & Fung Ltd, the world's leading consumer goods exporter, will stick to its aggressive acquisition strategy to further boost its sale growth in the second half of this year despite the global financial turmoil and economic recession, according to Bruce Rockowitz, president of Li & Fung.
Rockowitz said the company has sufficient cash right now, with quite a number of M&A potential objects.
Li & Fung has posted acquisitions worth at least US$1.1 billion in the past two years.
Reportedly, Li & Fund has been involved in bidding for a 15% stake in Future Logistics Solution Ltd, a logistic and supply chain subsidiary of India-based Future Group.
In August, the Hong Kong-based consumer goods exporter clinched a deal to acquire the U.S.-based handbag importer Van Zeeland Inc to become a leading handbag supplier in the U.S., as per industry sources.
Li & Fung announced earlier that its first-half net profit reached HK$1.24 billion, up 18% from the same period last year, boosted by an organic growth in operation and increased acquisition deals. The company targets to hit a turnover of US$20 billon by 2010, up from around US$12 billion at present.
Rockowitz said the company has sufficient cash right now, with quite a number of M&A potential objects.
Li & Fung has posted acquisitions worth at least US$1.1 billion in the past two years.
Reportedly, Li & Fund has been involved in bidding for a 15% stake in Future Logistics Solution Ltd, a logistic and supply chain subsidiary of India-based Future Group.
In August, the Hong Kong-based consumer goods exporter clinched a deal to acquire the U.S.-based handbag importer Van Zeeland Inc to become a leading handbag supplier in the U.S., as per industry sources.
Li & Fung announced earlier that its first-half net profit reached HK$1.24 billion, up 18% from the same period last year, boosted by an organic growth in operation and increased acquisition deals. The company targets to hit a turnover of US$20 billon by 2010, up from around US$12 billion at present.
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