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Sewing machinery producer Jack Holdings acquires Fuk
23 Mar '09
2 min read
Jack Holdings Group has announced that it has purchased and acquired the assets of Fuk Industrial Machinery Co., Ltd., Germany and the largest industrial sewing machine company in Europe.
On receiving the news of the acquisition, an official from Shanghai Shenbei Group, a rival of Jack Holdings, said, “It is normal for Jack Holdings to acquire Fuk and we do not exclude the possibility of cooperation with Jack Holdings in the future".
But some industry people are skeptical about a smooth integration process between Jack Holdings and Fuk, saying that they are divergent in their outlook and market strategy, which could create road blocks.
Mr Ruan, Director of Jack Holdings said, "Our cooperation with Fuk Machinery began two years ago and the merger process will begin from April onwards, which we hope to do successfully”.
Mr. Ruan added, "Our group has acquired all the assets, without any debts of Fuk and we will retain all the 120 employees, primarily staff in marketing, management and technology sectors”.
"Production of high-end products will be done in Germany, while production of other products will be moved to China to lower costs and the main purpose behind acquiring Fuk is to increase the product range”, he concluded by saying.
On receiving the news of the acquisition, an official from Shanghai Shenbei Group, a rival of Jack Holdings, said, “It is normal for Jack Holdings to acquire Fuk and we do not exclude the possibility of cooperation with Jack Holdings in the future".
But some industry people are skeptical about a smooth integration process between Jack Holdings and Fuk, saying that they are divergent in their outlook and market strategy, which could create road blocks.
Mr Ruan, Director of Jack Holdings said, "Our cooperation with Fuk Machinery began two years ago and the merger process will begin from April onwards, which we hope to do successfully”.
Mr. Ruan added, "Our group has acquired all the assets, without any debts of Fuk and we will retain all the 120 employees, primarily staff in marketing, management and technology sectors”.
"Production of high-end products will be done in Germany, while production of other products will be moved to China to lower costs and the main purpose behind acquiring Fuk is to increase the product range”, he concluded by saying.
Fibre2fashion News Desk - China
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