In the News: 2005

Lombard Announces U.S. Expansion of Portfolio Company, Fu Sheng Industrial

PR Newswire
5 July 2005

Lombard Investments, Inc. is pleased to announce that FS Elliott Co. LLC, a subsidiary of Fu Sheng Industrial Co. Ltd (“Fu Sheng”) (1520.TW), has acquired the former Beacon Car Quest real estate in the Westmoreland County Industrial Park III in Penn Township, Pennsylvania.  The real estate purchased includes 6.7 acres and a 64,000 square foot building and will be used to expand the company’s industrial compressor manufacturing business. 
FS Elliott was formed two years ago when Fu Sheng, a leading Taiwanese compressor manufacturer, acquired the centrifugal compressor division from Elliott Turbomachinery Co. located in Jeannette, Pennsylvania.  Fu Sheng has since acquired two additional U.S. manufacturers. 

Fu Sheng, headquartered in Taiwan, was founded in 1953 as a manufacturer and distributor of air compressors. With more than 30 representative offices in China and Taiwan, it is the largest manufacturer and distributor of compressors in the Greater China region.  Fu Sheng is also the largest manufacturer of golf club heads in the world, producing club heads on an OEM basis for most premium golf brands.  Lombard Asian Private Investment Company LDC (“LAPIC”) invested in Fu Sheng in May 2003.

LAPIC is a US$252.5 million private equity fund sponsored by Lombard Investments, Inc., headquartered in San Francisco, and the Asian Development Bank (ADB).  The fund was formed to make direct private equity investments in developing countries in the Asia-Pacific region.  Investors in the fund include the ADB and the California Public Employees’ Retirement System (CalPERS).