(Yicai Global) June 3 -- Chinese officer furniture maker Zhejiang Henglin Chair Industry is planning a CHF63.88 million (USD64 million) buyout of Switzerland's FFL Holding. 

Henglin Chair Industry and FFL's wholly-owned Lista Office Group Unit have the same end customer group, the listed Chinese company said in a statement yesterday. Displaying and selling their products in combination will thus enhance the company's overall marketing capabilities and the two product lines will complement one another at home and abroad.

FFL has two fully-automated production bases, research and development and planning centers and product testing facilities in Switzerland, and it claims 25 percent market share in the country. Based in Degersheim in the Helvetian Confederation's northeastern canton of St. Gallen, the company earned revenue of CHF11 million last year, down 14 percent on the year, and net profit of CHF3.65 million, up 95 percent from the year before. 

Formed in 1998, Henglin is based in Huzhou in China's southeastern Zhejiang province. It posted revenue CNY2.32 billion last year, up 22.3 percent from the year before, and net profit of CNY171 million in a 3 percent yearly rise. 

Editor: Ben Armour