Vileda® establishes Joint Venture in South Korea

Weinheim, March 3, 2014. Not only does South Korea rank among the twenty most important industrial and emerging market countries, it also belongs to the "Next 11", a group of the most notable emerging countries after the BRIC countries of Brazil, Russia, India and China. "The potential is considerable – the market ripe for high-quality and innovative products. This is the reason why we wish to intensify our activities locally," explains Raphael Sachs, Vice President of Freudenberg Home and Cleaning Solutions Asia/Pacific Consumer. The establishment of the Joint Venture FHCS Korea Limited between the Freudenberg Home and Cleaning solutions Business Group and the former Distributor VLD Limited is therefore an important step. Freudenberg holds 80 percent of the shares. Since the end of the year 2012, vileda® products have been sold in the largest supermarkets in the country.

"With this next step, we want to press ahead with our development locally, expand our sales and distribution network and position the vileda brand more effectively," says Dr. Klaus Peter Meier, CEO of Freudenberg Home and Cleaning Solutions. The demand for German brands in South Korea is increasing. "In addition, the purchasing power of the population is growing and the retail market network is highly skilled." A wide product portfolio is offered covering the entire vileda® product range.

Freudenberg has been represented in South Korea since 1973. Together with its partners, the Group today employs around 370 employees at five sites.