Oak Brook, Ill. Ace Hardware recently appointed a new president and general manager of Ace International to oversee worldwide growth initiatives. The announcement coincides with the renewal of two major licensing agreements in Southeast Asia that further reinforce the leading hardware cooperative’s presence in Indonesia and Malaysia.
Ace Hardware also announced that it will retain the rights to develop the Ace brand in Indonesia until 2025. As part of its “Ace Vision 2010” program, the company will open five new stores throughout the remainder of the year.
In addition, Ace Hardware International’s current license in Malaysia, originally signed in 1996 with Giant Ace SDN BHD, will now be extended to 2020. At least two additional stores will open in 2010, joining the 10 stores currently located in the Kuala Lumpur metropolitan area.
“Southeast Asia has proven to be a market of considerable growth potential, and we see opportunities for further expansion throughout Indonesia and Malaysia in the coming decade,” said Ray Griffith, president and CEO of Ace Hardware Corp.