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Changyuan acquires textile machinery maker Yin Science
30
Jun '16
Yin Group chairman Yin Zhiyong
Yin Group chairman Yin Zhiyong
Changyuan Group (also CYG Group) has announced acquisition of textile machinery manufacturer Shanghai Yin Science & Technology Company (Yin Group). CYG Group paid 1.88 billion yuan to 16 shareholders of Yin for buying 48 million shares, which account for 80 per cent of the total equity shares.
 
In 2015, Yin Group's revenue stood at 477 million yuan while net profit was 112 million yuan. In the first quarter of this year, the Group's revenue totaled 79.44 million yuan whereas net profit was 5.2003 million yuan, Yin Group chairman Yin Zhiyong told Fibre2Fashion in Shanghai.
 
The total value of all shares of Yin Group is 2.363 billion yuan, which is a growth of 652.02 per cent of the face value of shares.
 
Yin Group's CNC cutting equipment, automatic spreading machine, and garment hanging storage system has obvious advantages and are in line with CYG Group's long-term development strategy of 'intelligent equipment factory' positioning. Moreover, CYG's existing 'smart factory equipment' subsidiary Zhuhai Intelli will get synergistic effect.
 
Founded in 2006, Yin Group is the number one digital equipment solutions provider for pre-sewing, sewing, and post-sewing clothing technology. The company is one of the few Chinese companies that have intellectual property rights of CNC cutting machines.
 
Currently, Yin Group has dozens of offices throughout China and also overseas subsidiaries in Japan and Germany. Its products have been exported to Japan, India, Brazil, the US, Germany, the UK and other countries.
 
The company has manufacturing units in Shanghai and in Jiangsu province. As an industry leader in CNC cutting equipment, Yin Group actively promotes the fusion of industrialisation and information, and promotes technological innovation and popularisation of automatic cutting technology. (RKS)
 

Fibre2Fashion News Desk – China

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