Jinsheng Industry Co., Ltd., a private company in Changzhou, successfully acquired the textile business of Oerlikon Textile GmbH & Co. KG with 4.2 billion yuan. German local time at 18:00 on the 26th, Jinsheng Industry Co., Ltd., China Development Bank and Oerlikon Textile together signed the project contract in German Chancellery.
Oerlikon Textile with its market leading brands in the areas of textile machines and plant engineering covers the entire textile value added chain. Its natural fiber textile and tertiary parts sales ranked first in the world, but the company has been experiencing substantial loss of textile machine business ever since 2008 due to the global financial crisis.
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