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Yueda to invest in Taiwanese firm's subsidiary

18
Feb '11
Tex-Ray Industrial Co. Ltd., a textile manufacturer based in Taiwan, recently said that China's Yueda Textile Group has taken a decision to become a stakeholder in the Taiwanese company's subsidiary in the Jiangsu Province.

The company added that Yueda will hold 40 percent stake in its mainland subsidiary by means of a fund-raising strategy which will enhance the factory's paid-in capital to US $30 million.

Once the investment is made, Tex-Ray will only have 60 percent stake in its subsidiary located in Jiangsu Province, which was established in 2009, as per the company.

According to Tex-Ray, the Jiangsu subsidiary is constructing several new production units. A dyeing line is likely to start its operations in April, while a knitting line is scheduled to begin manufacturing products in September.

It further informed that Yeuda's networking in China is likely to help the Taiwan-based company, in its attempt to make a distribution network on the Chinese mainland.

Tex-Ray has also said that, at present, Yeuda is running 140 stores in central China and the strong distribution base is likely to boost the Taiwanese company's presence in China.

Fibre2fashion News Desk - India


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