Fuling Global Subsidiary Acquires Remaining Outstanding Shares of Domo

Rhea-AI Summary

Fuling Global Inc. (NASDAQ: FORK) announced on June 19, 2020, that its subsidiary, Total Faith Holdings Limited, has acquired the remaining 51% of Domo Industry Inc., resulting in Total Faith owning Domo entirely. This acquisition follows Total Faith's previous 49% ownership and contract control over Domo's operations. Domo, established in New York in 2007, specializes in producing and distributing plastic and paper serviceware. Fuling Global focuses on environmentally-friendly disposable products, serving over 100 notable customers worldwide.

Positive

• Total Faith now owns Domo entirely, enhancing control over operations.
• Acquisition strengthens Fuling Global's market position in disposable serviceware.

Negative

• None.

WENLING, China and ALLENTOWN, Pa., June 19, 2020 /PRNewswire/ -- Fuling Global Inc. (NASDAQ: FORK) ("Fuling Global" or the "Company"), a manufacturer and distributor of mainly environmentally-friendly plastic and paper foodservice disposable products, today announced that its wholly owned subsidiary, Total Faith Holdings Limited ("Total Faith"), has completed the acquisition of the remaining outstanding 51% of Domo Industry Inc. ("Domo") shares, through a share purchase agreement. Total Faith now owns Domo in its entirety.

Domo was established in the State of New York in 2007 and produces and distributes plastic and paper serviceware. Prior to the share purchase agreement, Total Faith held 49% of Domo's shares, but maintained effective contract control over its operating results, assets and liabilities.

About Fuling Global Inc.

Fuling Global manufactures and distributes mainly environmentally-friendly disposable serviceware for the foodservice industry from six precision manufacturing facilities in the U.S., Mexico, Indonesia and China. The Company's plastic and paper serviceware products include disposable cutlery, drinking straws, cups, plates and other plastic and paper products and are used by more than one hundred customers, including some of the world's most notable quick-service restaurants and retailers, primarily in the U.S., China, Canada and European countries. More information about the Company can be found at: http://ir.fulingglobal.com/.

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SOURCE Fuling Global Inc.

FAQ

What is the purpose of Fuling Global's acquisition of Domo?

The acquisition allows Fuling Global to consolidate control over Domo's operations and expand its market presence in disposable serviceware.

When did Fuling Global complete the acquisition of Domo?

The acquisition was completed on June 19, 2020.

What percentage of Domo did Fuling Global own before the acquisition?

Before the acquisition, Fuling Global owned 49% of Domo.

What products does Domo Industry Inc. produce?

Domo Industry Inc. produces and distributes plastic and paper serviceware.

How does this acquisition impact Fuling Global's business?

The acquisition is expected to enhance Fuling Global's operational efficiency and market share in the foodservice industry.