Guangzhou KDT Machinery Co. will buy 75 percent of Masterwood, a recognized Italian brand of machinery for wood processing, for EUR 16 million (USD 20 million) through its subsidiary in Hong Kong.
KDT MAC (Hong Kong) Ltd. signed a purchase and sale agreement with three individual shareholders of Masterwood S.p.A on February 10 to acquire 75 percent of total shares, announced the manufacturer of wood processing machinery based in Guangzhou.
KDT MAC will directly own 25.5 percent of Masterwood's interest and indirectly hold 49.5 percent of its interest by owning 100 percent of the capital in Muti 2 Srl, a company whose only asset is 49.5 percent of the shares of Masterwood.
With the acquisition KDT will improve its CNC processing technology. Masterwood enjoys great brand recognition in Europe, North and South America, which will help it develop its international market.