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 7th Dec 2016

New Texprocil chairman bats for increased UPI adoption

Ujwal Lahoti, the new Cotton Textile Export Promotion Council...

RBI Governor Urjit Patel addressing a press conference. Courtesy: Youtube

Textiles | On 7th Dec 2016

Defying expectations, RBI keeps repo rate unchanged

Defying market expectations, the Monetary Policy Committee (MPC) of...

The new OJ 59/1 B. Courtesy: Karl Mayer

Textiles | On 7th Dec 2016

Karl Mayer unveils new LACE.EXPRESS model for apparel

Germany’s leading textile machinery firm, Karl Mayer, has launched a...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Suresh Patel
Sidwin Fabric

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Wendell Rodricks
Wendell Rodricks

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

Yash P. Kotak
Bombay Hemp Company

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search