KNOWSLEY cushion manufacturer Caldeira is expanding its Chinese production plant.
And it has announced the formation of a holding company with a view to targeting potential acquisitions in the new year.
The home textiles company has started work on a new 30,000 sq ft manufacturing and warehouse facility at its site in Hangzhou with a spring 2010 completion deadline.
The project will complete the second phase of the development of Caldeira China after the opening of the original 200,000 sq ft complex, in February, 2008.
Its opening was featured in a Channel 4 TV documentary, titled Brits get rich in China, which was broadcast in May, 2008.
Company founder and managing director Tony Caldeira, who began his business on a stall in Great Homer Street Market, said: “The extension will give Caldeira China even more capacity to help fulfil expanding demand for its products and will ensure that the company is well placed to take advantage of the expected recovery in the global economy and world trade in 2010.”
He sees China as a huge business opportunity and has urged more Merseyside firms to establish trading links there.
At a recent Liverpool Chamber of Commerce event to promote the Liverpool Pavilion at the World Expo 2010, in Shanghai, he said: “Doing Business with China is the entrepreneurial opportunity of the 21st century.
“With its presence at the World Expo in Shanghai, Liverpool has a once in a lifetime opportunity to showcase itself in the world’s fastest growing major economy.”
He added: “Businesses from across the region should seriously look at getting involved with the Liverpool Pavilion, as it could be a great launch pad for them to take the first steps in expanding their businesses globally.” In five years, Caldeira China has grown from a start-up to sales of more than $10m, 200 staff and customers in 20 countries.
Mr Caldeira has also revealed the establishment of a new holding company, Caldeira Holdings, in line with Companies Act group reporting requirements.
Caldeira’s group finance director, Rob King, who has overseen the formation of the new company structure, said: “As well as complying with the relevant legislation, the new company will also act as the vehicle for possible business acquisitions, perhaps as early as in 2010.”
Caldeira said the new group will have sales of more than £20m and a worldwide workforce in excess of 400 staff in Knowsley, China and a US sales office in New York.
