Home / Knowledge / News / Textiles / Chinese investment in cashmere company boost economy, FM
Chinese investment in cashmere company boost economy, FM
13
Oct '09
First Minister Alex Salmond
First Minister Alex Salmond
The £6.1 million acquisition of Todd & Duncan Limited by China's leading cashmere company demonstrates confidence in Scotland's economy, secures around 200 jobs, and reinforces the country's global reputation for manufacturing luxury textiles, First Minister Alex Salmond said.

Kinross-based Todd & Duncan boasts a 142 year history of manufacturing high quality cashmere yarn to global fashion houses such as Tom Ford, Zegna Baruffa and Brooks Brothers.

The FM joined Mr Li Jianjun of the Municipal Government of Lingwu, Ningxia, and Mr Ma Shengguo, Chairman of Ningxia Zhongyin Cashmere Company at a special event to mark the deal.

Mr Salmond said:

"Todd & Duncan have a proud history of producing luxury cashmere on the banks of Loch Leven for use in the world's top fashion houses.

"I am delighted that the future of one of Scotland's leading textile manufacturers and around 200 highly skilled employees has been secured by Ningxia Zhongyin, which is China's leading cashmere company, producing fibre, yarn and garments.

"Scotland's cashmere industry employs approximately 4,000 people and contributes almost £200 million to the economy. This acquisition ensures a bright future for Todd & Duncan as one of the world's leading spinners of quality cashmere yarn and strengthens Scotland's global reputation as a leader in luxury fabrics, cashmere knitwear and designer brands.

"The Scottish Government welcomes this £6.1 million investment in the Kinross firm. This investment marks a positive step towards China and Scotland strengthening relationships and working closely to exchange ideas, knowledge, and to develop business opportunities."

Mayor of the Municipal Government of Lingwu Mr Li Jianjun, said:

"Of the 30 cashmere enterprises in Ningxia, China, Zhongyin Cashmere is the most outstanding with great potential for future growth. It is developing customer relationships around the world, which is contributing greatly to the local Chinese economy. The acquisition of the leading cashmere yarn business in Scotland, Todd & Duncan, presents an opportunity with unlimited growth potential and a positive future."

Chairman of Zhongyin Mr Ma Shengguo, said:

"I am very proud to be here, not because of the equipment I have purchased, but because of the excellent product and the quality produced here in Scotland by a skilled and talented workforce. With their support and effort, I believe that we can overcome any challenges that lie ahead and develop Todd & Duncan to its full potential."

Scottish Enterprise Chief Executive Jack Perry said:

"The announcement by Dawson International to safeguard almost 200 jobs following Todd & Duncan's takeover by Ningxia Zhongyin Cashmere Company Ltd is excellent news and a vote of confidence for the Scottish economy at a time when we are all facing the unprecedented challenges of the global downturn.

"The investment further enhances Scotland's reputation as an attractive location for international companies and by working together in the future and strengthening our business relationships, Scotland and China can further benefit from our historical ties.


Must ReadView All

India mulls new schemes for jobs, textile clusters

Apparel/Garments | On 25th Apr 2018

India mulls new schemes for jobs, textile clusters

India is mulling over alternative schemes for jobs and manufacturing...

Kraig gets approval for Vietnamese subsidiary firm

Textiles | On 25th Apr 2018

Kraig gets approval for Vietnamese subsidiary firm

Kraig Biocraft Laboratories, Inc., the leading developer of spider...

Courtesy: ITMA Asia

Textiles | On 25th Apr 2018

ITMA Asia + CITME 2018 attract global textile companies

The sixth edition of ITMA ASIA + CITME 2018 has received strong...

Interviews View All

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Urmil Arya

Sushila International, a well established textile organisation established ...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

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

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

Leave your Comments


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search