Hong Kong, China – United Business Media Ltd. (UBM) acquired a 70% interest in the China International Optoelectronic Expo (CIOE) from Business Media China AG (BMC) for $5 million.
The transaction gives UBM’s Asian division, UBM Asia, a stake in what UBM called the world’s largest optoelectronic trade show. Optoelectronics covers a range of technologies including laser, infrared and light-emitting diodes (LED).
The 2009 edition of CIOE held September 6-9 in Shenzhen, a hub of China’s optoelectronic industry, was expected to host more than 2,000 exhibitors. UBM Asia said the exhibit area was approximately 23,000 net square metres (247,570 net square feet).
Jime Essink, president & CEO of UBM Asia, said BMC staff would remain involved in the management of the show. “CIOE has become the world’s leading event for advanced optoelectronic technologies and innovations,” he said. “CIOE‘s local management team has done an excellent job to date and we look forward to working with them to further develop this show.”
BMC had no immediate comment on the sale. Earlier this year the company replaced its CEO in the wake of disappointing 2008 earnings and announced that it had instituted a cost-cutting and restructuring program that was to include the sale or shutdown of money-losing ventures.
UBM Asia organizes 100 trade shows in China, Japan and India. The events cover information technology, food, paper, jewelry and other consumer-oriented sectors. “The acquisition continues our strategy of focusing on sectors and markets with the most exciting growth potential,” Essink said.
Reach Jime Essink at +852 2827 6211 or firstname.lastname@example.org