Format Tresorbau, a subsidiary owned 100% by Droege Group, was incorporated into the holding company Dutech, a company listed on the Singapore stock exchange.
Düsseldorf, 29 September 2011. Droege Capital GmbH, a subsidiary of the Düsseldorf-based and family-owned company Droege International Group AG, incorporated its Format Tresorbau participation into Dutech, which is listed on the Singapore stock exchange and whose major shareholder is the well-known family Liu. Droege Group is now a substantial shareholder of the listed company and receives two seats on the Board of Directors. Walter P. J. Droege and Christoph Hartmann will sit on the board. Dutech is the holding company of Shanghai-based Tri Star Group.
Following approval the merger was completed on 29 September 2011. Upon the conclusion of the transaction Format Tresorbau entered into a strategic partnership with Tri Star Group, the leading high security products manufacturer in Asia. Both corporations join forces to pursue the following goals:
Walter P. J. Droege stated that the association with Tri Star represented an essential step in the regional diversification of Droege International Group AG (Advisory & Capital) in the Asian growth region. “The close collaboration with our Chinese partners will allow us to enhance our position in an important growth market.”
Dutech Holdings Limited (Dutech) is a Singapore-based investment holding company. The Company and its subsidiaries is engaged in manufacturing of high security products. Its UL- and CEN-certified products include automated teller machine (ATM) safes, banking safes, commercial safes and cash handling systems. It also designs and manufactures precision engineering products for semiconductor and automotive industries. Dutech operates in two segments: High Security Products and Semiconductors. High Security Products is engaged in designing and manufacturing of ATM safes, fire-resistant commercial safes and safes for storage of weapons. The Semiconductors segment is engaged in designing and manufacturing of semi-conductor instruments and parts and precision machining parts. Its subsidiaries include Tri Star Technology Co. Ltd, Jiangsu Tri Star Technology Co., Ltd and Tri Star GmbH. On October 1, 2011, it acquired Format Tresorbau Beteiligungs-GmbH and its subsidiaries (Format Group).