Taiwan-based Global Brands Manufacture Ltd. (GBM, TPE: 6191) has officially completed the acquisition of 100% equity in Japanese printed circuit board (PCB) maker Lincstech Co., Ltd., a deal valued at approximately JPY 28.15 billion (approximately CNY 1.4 billion or USD 197 million). The transaction was finalized on April 8 and marks a significant step in GBM's strategic expansion into the Japanese and Southeast Asian electronics manufacturing markets.

The acquisition was first approved by Taiwan's Ministry of Economic Affairs Investment Commission on March 26, with GBM receiving its investment clearance letter the following day. From the closing date, Lincstech's revenue and profits will be fully consolidated into GBM's financial results. 

GBM's board initially approved the all-cash acquisition on December 26, 2024, valuing Lincstech at JPY 39.7 billion (approximately CNY 1.9 billion or USD 277 million). The sellers included Polaris Private Equity Fund V, L.P. and three affiliated funds under Polaris Capital Group.

Lincstech has a long history in the PCB sector, with roots tracing back to 1964 when Hitachi Chemical launched a PCB operation at its Shimodate plant. The business became a subsidiary of Showa Denko KK in 2020 and was acquired by Polaris Capital Group the following year, subsequently rebranded as Lincstech. The company relocated its headquarters to Tokyo in 2022 and now employs over 1,600 people, with production sites in Shimodate, Ishioka, and Singapore. It reported approximately RMB 2.18 billion in revenue during the first three quarters of 2024.

The acquisition gives GBM a strategic foothold in Japan's advanced manufacturing ecosystem and boosts its capacity to serve high-end PCB demand across automotive, communications, and industrial sectors.