Tesa SE, one of the worlds leading manufacturers of technical adhesive tapes plans to enhance its presence in Asian market by investing in 55 million euro ($61 million) plant in Vietnam.
The new building is located in the port city of Haiphong in Northern Vietnam, where the company will be located on approximately 70,000 square meters. Photo courtesy of Tesa
Despite coronavirus, Tesa SE, which is an affiliate of the DAX-30 listed conglomerate Beiersdorf Group, plans to build a facility in Vietnam that will start production 2023 and employ 140 local employees.
The new building is located in the port city of Haiphong in Northern Vietnam, where the company will be located on approximately 70,000 square meters.
Building a large plant in Vietnam is the short formula that Tesa will use to produce adhesive tapes for the Asian market. The group will strengthen its presence in Asia, significantly increase its capacities and therefore shorten the way to customers and suppliers, the company said in a statement.
The Asian adhesive tape market is experiencing a very dynamic development that we want to take advantage of," said Norman Goldberg, CEO of Tesa SE, adding ‘with the fact that Tesa makes such a large investment in times of Corona, the shareholders set a strong signal for the future."
Currently, Tesa operates 14 production sites worldwide, including large plants in Germany, Italy, the US, and China.
In the first quarter of 2020, the country’s economic growth rose by 3.8% despite the global corona crisis. With an average age of 31.7 years, Vietnam is young and quite significant for Tesa has an elevated number of engineers.
The new plant in Vietnam is expected to create the necessary capacity for the group to ensure growth targets in the largest and fastest-growing region.
Founded since 2001, Tesa SE has been a fully owned affiliate of Beiersdorf AG. Around three quarters of the Tesa groups sales are generated by applications for various industrial sectors, such as automotive and electronics, printing & paper, building supply as well as security concepts for effective brand and product protection.