A recent announcement from the Indonesian Stock Exchange has drawn attention in the adhesive tape industry: Fujian Friendship Group has signed a Letter of Intent (LoI) to acquire a 51% stake in PT Ekadharma International Tbk (EKAD), a listed adhesive tape company in Indonesia. If the transaction is completed, it will be a representative cross-border controlling acquisition case in the Chinese adhesive tape industry, signifying a further upgrade in the overseas expansion of leading domestic adhesive tape companies.
EKAD was founded in 1981 and listed in Indonesia in 1990, making it one of the oldest adhesive tape manufacturers in the country. The company owns brands such as Daimaru, Superfix, and Bestpack, which enjoy high brand recognition in the Indonesian market. In 2025, EKAD achieved revenue of approximately IDR 529.5 billion, net profit attributable to shareholders of approximately IDR 53 billion, and total assets of approximately IDR 1.37 trillion. In recent years, the company's performance has faced some pressure, but its low debt-to-equity ratio and ample cash reserves provide a foundation for subsequent business integration.
In comparison, Fujian Friendship Group boasts a much larger manufacturing system. Founded in 1986, the group currently has 20 production bases across multiple provinces in China, covering an area of over 4,200 mu (approximately 280 hectares), employing more than 8,000 people, and possessing over 200 coating production lines, ranking among the top in the industry in terms of production scale. Its "YOURIJIU" brand enjoys high brand recognition in the domestic market, and its products are exported to more than 80 countries and regions in Southeast Asia, the Middle East, Europe, and America.
This proposed acquisition of EKAD is not only a capital cooperation at the corporate level, but also reflects the transformation of Chinese adhesive tape companies from "product export" to "jointly expanding production capacity, brand, and distribution channels overseas." In recent years, with the rapid development of manufacturing, e-commerce logistics, and consumer markets in Southeast Asia, the demand for adhesive tape in the region has continued to grow. At the same time, changes in the international trade environment, fluctuations in logistics costs, and trade barriers in some markets have also posed new challenges to the model of relying solely on exports.
By acquiring a controlling stake in a local listed company, Friendship Group is expected to further leverage EKAD's existing brand, production bases, and market channels to accelerate localized production and market expansion. This also enhances the company's supply capacity to the Southeast Asian market and reduces costs associated with cross-border transportation.
From an industry perspective, Friendship Group's move sends a clear signal: the global competition in China's adhesive tape industry is entering a new phase. In the future, as more leading companies accelerate overseas factory construction, mergers and acquisitions, and localization operations, competition in China's adhesive tape industry will gradually shift from simple product competition to comprehensive competition encompassing global production capacity, supply chains, brands, and distribution channels.
