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Nanjing govt to compensate Dogi for textile plant
21
Sep '11
Dogi, a Catalan textile company and a European leader in the manufacture of elastic fabric, will receive 105 million RMB in compensation for expropriation of its textile plant in China's Nanjing city.

In the first half of current year, the Regional Government of Nanjing had informed Dogi of its intention to reclassify the factory land as non-industrial.

Subsequently, negotiations were held to determine the exact amount of compensation to be paid for confiscation of the factory building and redistribution of the land for other use.

The agreement reached this month between Dogi and the local authorities gives the textile manufacturer 105 million RMB or 11.5 million euros in lieu of the land, and the existing buildings and fixtures on it.

The assets not included in the agreement are still owned by Dogi, and are to be removed from their current location by November 30, 2012. If necessary, however, the time period can be further extended for a period of 3 months.

Last year, Dogi registered a net profit of 12.85 million euros, compared to a loss of 29.3 million euros in 2009. In the initial six months of 2011, the textile company made a loss of 4.7 million euros.

Dogi said it will now find new ways to continue its trading activities in the Asian market.

Fibre2fashion News Desk - China

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