Monday 10 December 2018

Four Irish companies sign €50m worth of deals at Chinese exhibition

Business Minister Heather Humphreys. Photo: Justin Farrelly
Business Minister Heather Humphreys. Photo: Justin Farrelly
Ellie Donnelly

Ellie Donnelly

Four Enterprise Ireland backed companies have signed new deals with Chinese partners valued in total at €50m.

The companies announcing the deals are in the healthcare, skincare, medtech and diagnostics sectors.

The agreements were announced at the inaugural China International Import Exhibition (CIIE), the world’s largest trade exhibition.

Among those agreeing new partnerships was Irish Breeze, which has signed an agreement with website JD.com, one of the largest business-to-consumer online retailers in China by transaction volume and revenue.

Under the agreement Irish Breeze plans to achieve sales of €25m within five years for their Water Wipes product.

The other Irish companies include Reagecon Diagnostics, a chemical and physical standards company, which has agreed a distribution agreement with Beijing Thorigin worth €10m over five years.

While healthcare and medical products manufacturer Solvotrin Therapeutics and Shanghai Fosun Pharmaceutical have signed an exclusive distribution agreement in the Chinese market for Solvotrin’s product, Active Iron, for over €15m per year over three years.

The fourth company, Novaerus, has secured a three year distribution agreement with Hangzhou Door Import & Export worth €760,000 in product purchasing.

Minister for Business, Enterprise and Innovation, Heather Humphreys TD, who is leading the six-day Enterprise Ireland trade mission to China, described the agreements as "a testament to the hard work undertaken by Irish companies and the support offered by the Government through Enterprise Ireland."

"Our presence at CIIE demonstrates Ireland’s commitment to China and the wider Asia Pacific region, and I am delighted that we had such positive outcomes from our engagement at the event. I look forward to further developing these links with our Chinese partners in the coming years."

Other Irish companies showcasing under the Irish Advantage banner include; Hostelworld, Glen Dimplex, Emerald Green Baby, Cartoon Saloon, PM Group, Orbis and PPI.

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