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Shandong Ruyi to buy 80% stake in Yorkshire textile mill
18
Feb '14
Shandong Ruyi Technology Group Co Ltd, one of the top ten Chinese enterprises in the textile industry involved in textile and clothing, cotton textile, cotton printing and dyeing, knitting, fiber, and jeans, is going to buy 80 percent stake in Huddersfield, UK-based Taylor & Lodge, reports Yorkshire Post.
 
The remaining 20 percent share in the company would be owned by British firm Bulmer & Lumb Group, according to the report.
 
Taylor & Lodge is reputed for producing finest luxury British worsted clothes, and the firm is credited for making the fabric used in the James Bond film ‘Quantum of Solace’.
 
Through the joint venture, the manufacturing and design skills of Taylor & Lodge will get a push through Shandong Ruyi’s modern textile technology, marketing spread over 40 countries, and financial power.
 
Established in 1883, Taylor & Lodge produces premium fabrics, made using expensive materials including alpaca and cashmere.
 
In December 2013, Shandong Ruyi announced its intention to acquire up to 52 percent of ordinary shares of the Pakistani firm Masood Textile Mills Ltd (MTM), located in Faisalabad.
 
Earlier in March 2013, the company completed the process for acquisition of Cubbie cotton field, located in the southeast of Queensland in Australia, obtaining a stable source of high-quality cotton.
 

Fibre2fashion News Desk - India

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