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TOPPAN Holdings Inc., entered into a capital and business alliance agreement with JOYFUL Co., Ltd., a Vietnamese printer of decorative surfacing materials, in July 2023 to drive global development of the decorative surfacing materials business. After receiving approval from the Vietnamese authorities in October, the two companies are launching full-scale collaboration, including sales and marketing activities.
In recent years, the ASEAN market has become one of the world's largest consumer markets for a variety of products. It has also become an export base for developed countries due to its diverse manufacturing and labor resources and is experiencing rapid economic growth and development. In the furniture industry, manufacturing and outsourcing locations serving mainly European and American furniture manufacturers are now dispersed throughout countries and regions outside China, which is becoming increasingly important to support the furniture industry in the ASEAN region.
TOPPAN Holdings executed a design license agreement with JOYFUL in 2019, granting JOYFUL the right to use certain designs of the TOPPAN Group and kicking off a collaborative relationship. Based on the existing license agreement, JOYFUL prints and supplies decorative papers and films for lamination on the surface of furniture and interior components.
With the new collaborative agreement, the two companies will further strengthen their existing production capabilities based on the design license and expand business in the ASEAN region as partners in production and sales of decorative papers and films for furniture and interior components.
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