Markor International Furniture Co., Ltd. Announces Acquisition of US Based Schnadig Corporation

Furniture World Magazine

Markor International Furniture Co., Ltd announced its acquisition of Schnadig Corporation, a leading US upholstery and case goods company. The acquisition was completed on January 5th, 2009. The transaction demonstrates Markor’s continuing commitment to serving US and international customers. “Markor believes that by bringing together its manufacturing efficiencies and Schnadig’s established marketing channels and brands, we will offer our customers well made products, enhanced service, distinctive design and excellent value.” said Richard Feng, Chairman and CEO of Markor Group. To that end, Feng announced the appointment of longtime Schnadig President and CEO Donald Belgrad to the position of Chairman Emeritus and the selection of industry veteran Jeff Young to the position of Chairman and Chief Executive Officer. The newly merged company will be known as Schnadig International Corporation. Belgrad added about the acquisition, “Markor has been Schnadig’s close and reliable manufacturing partner for many years. I am excited about our two companies combining its respective strengths to become a leading retail supplier. We shared similar values, and I am confident that Markor, under Mr. Feng’s leadership, will preserve Schnadig’s heritage and expand the strength of its brand.” Young, who has served the industry as CEO with Lexington Furniture Industries, Drexel Heritage, and Furniture Brands International’s HDM Division, expressed enthusiasm about his new role at Schnadig International. “I am delighted to be joining forces with Richard Feng, Don Belgrad and their dynamic organizations. I am excited to be part of the management team and we are fully prepared to meet the challenges of the industry. I am confident we will build on Schnadig’s tradition and proud history.”