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Pecca Leather Buys Majority Stake in GMK

May 25, 2023 By Nadeem Muaddi 1 Comment

The Hog Ring - 246 Employees Pecca Group Contract Coronavirus

Pecca Group is acquiring a majority stake in PT Gemilang Maju Kencana (GMK), expanding its business to Indonesia.

The automotive upholstery supplier is buying 80% of its asian counterpart. GMK supplies leather wrapping and seat covers to the Indonesian automotive market. The deal was initially announced in March, but just received regulatory approval.

“Completing this acquisition unlocks the next chapter of our international expansion plan. Indonesia, with its massive automotive market and growing economy, promises to be a key driver of Pecca’s growth. Our stake in GMK will accelerate the process of establishing our presence in this very exciting market,” said Foo Ken Nee, CEO of Pecca Group.

Pecca’s plan to penetrate the Indonesian market makes a lot of sense. The country has a population of 281 million and boasts the highest vehicle sales figures in Southeast Asia. If Pecca can make inroads, it stands to make a killing.

Related Stories:

  • Pecca to Make Leather for Electric Vehicles
  • Volkswagen is Making Faux Leather from Coffee Beans
  • Porsche Stands by Leather, but Says it’ll be Sustainably Sourced

Filed Under: Archive, Industry Trends & Reports Tagged With: Auto Trim, Auto Upholstery, Car Interior, Pecca Leather Inc, PT Gemilang Maju Kencana

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