Far East Group seeks M&A deals

REFRIGERATION and cooling systems provider Far East Group has plans to expand its business in China and South east-Asia and is looking out for merger and acquisition opportunities, according to chief executive officer Steven Loh.

Far East Group manufactures and distributes heating, ventilation, air-conditioning and refrigeration products for various sectors including the retail, food processing and pharmaceuticals industries. China's increasing urban affluence has raised demand for cooling solutions in homes, offices and logistics. Mr Loh said the market is very large and offers high potential for growth as compared to South-east Asia, which is growing "organically".

Far East Group completed the acquisition of Eden Refrigeration Manufacturing located in Jiangsu, China, in July 2013. The group currently has two manufacturing plants there and plans to increase utilisation of the 32,000 sq m site over the next three years. A new R&D centre is also slated for completion at the facility by 2016.