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20 February 2012

Charlotte, North Carolina, February 20, 2012 – Biesse S.p.A., a worldwide leader in the production of machinery and systems for processing wood, glass, stone and other materials has recently announced through its subsidiary Biesse HK Ltd., the acquisition of 100% of the Centre Gain Group of Hong Kong for HKD 105 million (~ EUR 9.6 million).

After the acquisition, Chris Kwong, a founding shareholder of the Centre Gain Group, became holder of 30% of Korex Machinery and assumed the position of CEO. Mr. Kwong has more than 25 years experience in the woodworking machinery industry in China and has had a working relationship with the Biesse Group since 1999.

The Centre Gain Group has been manufacturing woodworking machinery since 2004 at their location in Dongguan City, Guangdong Province. The group operates under the trade name Korex Machinery Ltd., and currently maintains 360 employees and a 44,000 sqm (473,000 sq ft) production facility.

The new acquisition will enable Biesse to further expand their product offering in North America with a new economical range of edgebanders, saws, and other woodworking equipment that has never before been offered by the group.

Today, the Biesse Group maintains three primary worldwide manufacturing locations. The Biesse headquarters in Pesaro, Italy continues to be the home of the group‚s core manufacturing and R&D operations for company‚s largest and most technologically advanced machinery. Outside of Italy, Biesse Manufacturing in India and Korex in China will continue to focus on artisan lines for small to medium size shops.

Biesse America is currently in the process of selecting a business manager to oversee the new division, and will soon be launching a Korex website where customers can see all of the new products in full detail. Demonstration machines will be available for customers to see under power in the Charlotte showroom in the first quarter of 2012.

For more information contact marketing@biesseamerica.com