Fenglin Group expands into European plywood market via new partnership

Guangxi Fenglin Wood Industry Group Co., Ltd. (Fenglin Group) recently entered into a cooperation agreement with Huitong Resources International Co., Ltd., a wholly-owned subsidiary of Hong Kong-listed CIGP Global Holdings Limited. This collaboration aims to jointly develop the EU market for wood-based panels and related products, enhance market share, and build efficient sales and service networks across the region.

Under the agreement, Fenglin Group has appointed Huitong Resources as its regional agent for wood-based panel products in Romania, Serbia, Croatia, Germany, France, and Italy during the cooperation period. The agreement also outlines preliminary arrangements for brand promotion, technical support, after-sales service training, and intellectual property matters.

The cooperation agreement is a framework accord, effective for one year from its signing, with automatic one-year renewals unless otherwise specified by either party. The agreement is not expected to significantly impact Fenglin Group's current financial position or operating performance, although successful implementation of future projects could contribute to expanding its overseas business and strengthening its core operations.