;
Home / Knowledge / News / Textiles / Lenzing to buy remaining 30 per cent of Chinese subsidiary

Lenzing to buy remaining 30 per cent of Chinese subsidiary

25
Oct '18
Courtesy: Lenzing AG
Courtesy: Lenzing AG
The Austria-based Lenzing Group intends to acquire the remaining 30 per cent of its Chinese subsidiary Lenzing (Nanjing) Fibers (LNF) from its state-owned joint venture partner, NCFC. After closing of the transaction, the Lenzing Group will hold 100 per cent of LNF. Lenzing produces high-quality fibres and filaments from the renewable raw material, wood.

The underlying structured selling process was initiated by the joint venture partner in a state-controlled bidding process and the Lenzing Group received the share purchase agreement draft. The closing of the transaction documents is expected by the end of October. The acquisition will have a negative impact on net profit of the Lenzing Group of approximately €21 million for the fiscal year 2018, Lenzing said in a press release.

The purchase of the shares supports Lenzing’s strategic growth as a producer of specialty fibres from the renewable raw material wood in China and worldwide. It paves the way to setting up further production lines for specialty fibres. Lenzing wants to convert LNF into a specialty fibres hub over time. (GK)

Fibre2Fashion News Desk – India


Must ReadView All

Cambodian PM unveils policy to combat reliance on EU, US

Textiles | On 17th Jan 2019

Cambodian PM unveils policy to combat reliance on EU, US

Cambodian Prime Minister Hun Sen recently launched a policy to...

S African Govt-funded programme revives cotton industry

Textiles | On 17th Jan 2019

S African Govt-funded programme revives cotton industry

A R200-million programme by South Africa has successfully revived the ...

US fashion group CFDA wants more diversity in model size

Fashion | On 17th Jan 2019

US fashion group CFDA wants more diversity in model size

A group representing hundreds of US designers has urged the fashion...

Interviews View All

Asim Dalal, Indo Count Retail Ventures

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Yashiki Gumber, Sahiba Fabrics

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Sonia Agarwal, Whitenife

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Larry Fontana,

Larry Fontana

Italy-based Lafer SpA is one of the most innovative surface finishing...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ayyappa Nagubandi, Broadcast Wearables Pvt Ltd

Ayyappa Nagubandi
Broadcast Wearables Pvt Ltd

Hyderabad-based Broadcast Wearables has come up with the country's first...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

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


January 2019

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

news category


Related Categories:

Advanced Search