Textile giant acquires US garment firm for $120 million
Source: Xinhua Date: 2008-01-17
HANGZHOU -- Youngor Group Co., Ltd., China’s leading textile manufacturer, has acquired XinMa Apparel International Limited for US$120 million, the company announced on Wednesday.
Under the acquisition, Youngor receives XinMa’s 14 manufacturing bases in Sri Lanka, the Philippines and the Chinese mainland.
The deal is expected to raise Youngor’s sales revenue by US$360 million, bringing the group a net profit of US$12 million.
XinMa, affiliated to Kellwood Company of the United States, is one of the three biggest apparel companies in Hong Kong.
It has big network of distributors, clients, logistics and distribution worldwide.
The acquisition marked that more Chinese mainland companies in traditional business were seeking markets and resources throughout the world, experts said.
