Markor International Furniture Acquired Schnadig Corporation
Markor International Furniture Co., Ltd. (Markor Co.) entered into an Asset Purchase Agreement with Schnadig Corporation, a U.S company, on January 6th, 2009. Markor Co. agreed to purchase Schnadig’s net operating assets, including tangible assets, intangible assets and assumed liabilities. The tangible assets consist of the inventory, accounts receivable and fixed assets; and the intangible assets comprise the brand names owned by Schnadig, as well as the company name, business name, brands, service marks, trademarks, sales channels, supply channels and customer relationships.
The target in this transaction, Schnadig Corporation, is a company legally registered as per the law of Delaware, engaging in furniture design, purchase and distribution.

Schnadig Corporation, founded in 1952, has been a leading designer, merchandiser and wholesaler of upholstered and wood furniture with 56-year history and great reputation in the U.S. furniture industry for providing the customers with quality, fashionable, elegant products and reliable services.
During the fast development of the export business over the past ten years, Markor Co. has mainly acted as a role of an manufacturer, i. e. OEM. In recent years most of the export-oriented companies in China have been facing more and more pressures caused by cost increase and  RMB appreciation. Currently, the bursted global financial crisis has given the export companies an even more difficult problem.
However, opportunity and crisis always co-exist in the face of a very challenging economic environment. Though the global financial crisis has affected every aspect of the world economy, it has also created more opportunities for acquisitions and lowered the costs and risks for such transactions.
Schnaidg Corporation, as a leading designer, merchandiser and distributor of upholstered and wood furniture with 56-year history, has enjoyed a well-known reputation for its fashionable, elegant products and excellent services to the customers. Through this transaction, Markor Co. can better take advantages of its own manufacturing, development, marketing and service strengths. Combined with Schnadig name brand, good reputation, and its marketing channels in North America, South America, Mid-east and Asia, as well as its high-taste design capabilities, Markor Co. expects to better leverage its core competitiveness and profitability and bring more dynamics to its current furniture manufacturing and exporting business.
This acquisition marks a critical step taken in the direction toward transforming Markor Co. into an Intelligent Business Model, and is expected to form a complete Evolution Chain consisting of product design, development, production and distribution, and build a new platform for further business growth. The transaction implements the Company's desire to move up the value chain. Markor Co. has gained substantial experience in international cooperation and management in recent years. After integration of Schnadig's business assets through this transaction, the Company's furniture manufacturing business will truly become a "service-oriented Manufacturer."
 
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