Lanxi Sunrise gets approval to establish linen R&D center
Source: China Linen Textile Industry Ltd Date: 2010-02-24
China Linen Textile Industry, Ltd. a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, announced that the Heilongjiang provincial government has formally approved its subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industrial Co., Ltd., ("Lanxi Sunrise") to establish China's first and only linen research and development center in China, the "Heilongjiang Provincial Linen New Products Research and Development Center."
The establishment of the linen research center in Heilongjiang will further the company's research and development capability and expedite the introduction of new linen products. The center, which will be housed at the Lanxi Sunrise Linen mill, is also expected to expand brand awareness of the company's products, thereby broadening its market reach.
In addition, Lanxi Sunrise has been named one of the fastest-growing small-and-medium-sized enterprises by Heilongjiang Provincial Industry and Information Committee and Heilongjiang Provincial Bureau of Statistics. The committee evaluated small-and-medium-sized industrial enterprises that had been entered into the database of Heilongjiang Provincial Bureau of Statistics in the last three years.
Using extensive quantitative and qualitative evaluation criteria that included such factors as development status, profitability, management and credit rating, the pool of candidates was narrowed to 200 small-and-medium-sized enterprises of Heilongjiang Province with good growth and huge market potential.
China ranks first in the world in the production and trade of linen and textile products. In the first half of 2009, the output of Chinese yarn was 10.962 million tons, a year-over-year increase of 9.4 percent. The demand for linen clothing and products worldwide is projected to rise significantly over the next 5 to 10 years, with a potential worldwide market demand of over $20 billion dollars, with demand in China reaching as high as $4 billion.
China Linen uses proprietary technologies for its high-count yarn spinning and low-cost raw materials for the flax fibers used in its yarns and linens. The company produces 50 different types of yarn and 110 types of linen fabrics and nearly two-thirds of its products are exported to more than 10 countries. For the first nine months of 2009, the company's revenue grew 15% to $20.6 million, up from $17.9 million for the same nine-month period of 2008; and net income grew 36% to $4.3 million, up from $3.17 million.
