Domestic
Chinese sewing machine maker takes over German peers
(Xinhua)
Updated: 2009-07-17 15:07
New Jack Sewing Machine Co Ltd, a Chinese private sewing machine supplier based in eastern China's Zhejiang province, have taken over two German counterparts, Bullmer and TopCut, company officials said on Friday.
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The first successful offshore takeover by a Chinese state-owned sewing machine company occurred in 2005.
Company officials said New Jack Sewing Machine has taken over brandnames, technology, effective stocks and human resources of the two German firms at a cost of 45 million yuan ($6.61 million).
On the basis of the acquisitions, a new company named TopCut-Bullmer has been created, according to the officials.
The new company will establish a new management force and operation mechanism and make use of state-of-art technology from the two German firms and New Jack's resources in global clothing and textile industries.
Bullmer is a leading manufacturer of machines for the clothing and textile sectors. And TopCut focuses leather cutting systems.
