Anxin, reputed to be China’s largest producer of solid wood flooring, will receive US$20m from the private equity firm Carlyle Group initially and the rest during the next two years.
The investment will support the launch of the Wei Guang brand, featuring engineered and solid wood flooring products from Russia, Southeast Asia and Africa, to be marketed in China.
The brand will have an independent distribution network from the existing flagship Anxin brand, which features mainly solid wood flooring and selected engineered products from Brazil.
“We expect engineered wood flooring to become another key revenue driver in the next few years. Engineered wood flooring is increasingly popular among a broader range of Chinese customers due to lower material costs,” said Lu Wei-Guang, Anxin’s founder and chief executive officer.
The company has already made a major investment in two production lines with a capacity of two million m2 of engineered wood flooring. A further three lines will be added next year.
