Home / Knowledge / News / Fibre / Sateri acquires viscose mill in Jiangsu

Sateri acquires viscose mill in Jiangsu

06
May '19
Pic: Sateri
Pic: Sateri
Sateri has acquired Jiangsu Xiangsheng Viscose Fiber Co., Ltd. (Xiangsheng), which operates a viscose mill with annual production capacity of about 250,000 metric tonnes (mt). With this acquisition, Sateri operates four viscose mills in China, making it the world’s largest viscose producer with a total annual production capacity of 1.1 million mt.
 
Situated in Suqian City in Jiangsu Province, Xiangsheng had ceased operation for more than nine months after being heavily burdened by debt since November 2017. In August 2018, Sateri signed an agreement to lease Xiangsheng from the local authorities amidst the mill’s restructuring efforts.
 
Leveraging its experience and advanced technological expertise in viscose production, Sateri invested RMB 500 million (about $75 million) during the lease period to revive and upgrade the mill, significantly improving its productivity, product quality, environmental as well as health and safety standards. The successful resumption of Xiangsheng’s operations has led to more than 1,500 jobs created for the local community, contributing to the prosperity and stability of Suqian City, Sateri said in a press release.
 
Subsequently on April 27 this year, Sateri won a bid for Xiangsheng mill in a public auction concluded by the local authorities. The transaction process is expected to complete in the next few months.
 
“This acquisition will enable Sateri to bring its high-quality viscose to more customers, especially in the northern China market, and work together with our downstream partners to accelerate the sustainable development of Suqian City and its surrounding areas,” Tey Wei Lin, CEO of Sateri, said.
 
On completion of the acquisition, Xiangsheng’s mill will be renamed Sateri (Jiangsu) Fiber Co., Ltd., and will join Sateri’s world-leading viscose production network, including Sateri Fujian, Sateri Jiangxi and Sateri Jiujiang, enhancing the efficient delivery of high-quality products to its customers. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Germany to promote Bangladesh's RMG industry

Apparel/Garments | On 25th May 2019

Germany to promote Bangladesh's RMG industry

The German embassy in Bangladesh will work closely to promote...

Pic: Mintel

Textiles | On 25th May 2019

UK courier, express delivery market hit £12.6 bn in 2018

British customers' love of online shopping is pushing the courier and ...

Pic: Target Corporation

Retail | On 25th May 2019

Comparable digital sales at Target soar 42% in Q1FY19

First quarter comparable digital channel sales of Target Corporation...

Interviews View All

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Vasudevan LK,

Vasudevan LK

Epson is a world leader in digital imaging and printing solutions....

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

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


June 2019

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

news category


Related Categories:

Advanced Search