Huayang to buy Chengdu's patented textile technology

Wuxi, China based Huayang Dyeing Machinery Company Limited, an affiliate company of Cleantech Solutions International, Inc., has entered into an agreement to buy patented technology from Chengdu Textile College.

Chengdu Textile College was issued a ten year patent no. 201520850086.7 on April 20 this year for its utility model of ozone-ultrasonic textile dyeing equipment, by China's State Intellectual Property Office.

As per the terms of agreement, Huayang Dyeing will make 16 million yuan ($2.5 million) one-time payment to Chengdu Textile College to buy the technology used in production of textile dyeing equipment.

“We are focused on reinvigorating our dyeing equipment business and investing in R&D to improve our competitive position. We believe this new patent technology will allow us to develop next generation dyeing and finishing equipment that will appeal to textile manufacturers in China as well as Southeastern Asia, particularly Vietnam and Bangladesh,” said Jianhua Wu, chairman and CEO of Cleantech Solutions. (RKS)