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Ningxia Zhongyin weaves Todd & Duncan cashmere business
18 Jun '09
4 min read
Completion
Completion, which is expected within ten weeks, is conditional, inter alia, upon approval of the Kinross site lease by the landlord's lender and Zhongyin receiving regulatory approval for the transaction in China.
Andy Bartmess, Chief Executive Officer commented:
"This move represents a positive result for all parties. Todd & Duncan has experienced challenging trading conditions in recent years, resulting from increasing raw material costs and intense competition in Europe. Zhongyin are committed to manufacturing cashmere yarn from a Scottish manufacturing base and maintaining a Scottish workforce. Todd & Duncan has been sourcing top quality cashmere fibre from Zhongyin for many years and has a very strong working relationship with the company. The combination with Zhongyin is expected to strengthen Todd & Duncan's competitive position.
"The conclusion of the sale allows Dawson International to build on our remaining core group of profitable businesses and pursue our strategy to grow these businesses and to acquire additional businesses that share our strategic strengths in design, product development and supply chain management."
Completion, which is expected within ten weeks, is conditional, inter alia, upon approval of the Kinross site lease by the landlord's lender and Zhongyin receiving regulatory approval for the transaction in China.
Andy Bartmess, Chief Executive Officer commented:
"This move represents a positive result for all parties. Todd & Duncan has experienced challenging trading conditions in recent years, resulting from increasing raw material costs and intense competition in Europe. Zhongyin are committed to manufacturing cashmere yarn from a Scottish manufacturing base and maintaining a Scottish workforce. Todd & Duncan has been sourcing top quality cashmere fibre from Zhongyin for many years and has a very strong working relationship with the company. The combination with Zhongyin is expected to strengthen Todd & Duncan's competitive position.
"The conclusion of the sale allows Dawson International to build on our remaining core group of profitable businesses and pursue our strategy to grow these businesses and to acquire additional businesses that share our strategic strengths in design, product development and supply chain management."
Dawson International PLC
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