Home / Knowledge / News / Textiles / Chinatex merges with COFCO after govt approval
Chinatex merges with COFCO after govt approval
22
Jul '16
Courtesy: Chinatex
Courtesy: Chinatex
China's state-owned Assets Supervision and Administration Commission (SASAC) has approved a merger of textile and grains trading group Chinatex Corp with the country's largest grain processor and trader China National Cereals, Oils and Foodstuffs Corp (COFCO).

Chinatex will become a subsidiary of COFCO after the merger, the SASAC announced last week. Both Chinatex and COFCO are state-owned entities.

The merger had been expected as part of China's efforts to improve the competitiveness of its sprawling and inefficient state-owned sector.

Total profits for central government SOEs declined by 3 per cent during the first half of the year, to 623.47 billion yuan ($93.32 billion), SASAC said, according to a state media report. revenue for the companies declined by 1.8 per cent to 10.8 trillion yuan for the period.

COFCO is restructuring as it integrates the grain trading business acquired from Noble Group late last year. It is eyeing further acquisitions overseas.

After taking control of competitor Chinatex Corp, COFCO announced it will close six departments at its headquarters and establish professional operating platforms to manage some of its businesses. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 24th Sep 2016

GST Council sets exemption limit at Rs 20 lakh

The GST Council has decided to exempt businesses from the Goods and...

Apparel/Garments | On 24th Sep 2016

DGFT adds new service providers in EPCG scheme

Providing great relief to the job working units in garment clusters...

Apparel/Garments | On 24th Sep 2016

Niti Aayog kicks off Indian ecommerce policy review

A Niti Aayog committee set up for the purpose, held deliberations...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

Jurgen Gauger
Spreadshirt

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search