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Chinese furniture company buys US Schnadig

By Liu Jie (chinadaily.com.cn)
Updated: 2009-01-09 14:00

China's Markor International Furniture Co Ltd said on Thursday it has acquired US Schnadig for $8.94 million.

The Shanghai-listed company said it will take over the American furniture manufacturer's entire assets and its debt.

The move will enable Markor to establish a complete horizontal operation that comprises design, technological development, manufacturing and solution providing, according to a statement of the company.

Markor's acquisition is the latest example of Chinese furniture companies going after US manufacturers at what is perceived as bargain prices. Other buyers included Shandong Ruixing Investment Co Ltd.