Quaker signs commercial agreement with Chinese company

25 Jan '06

2 min read

Conshohocken, Pennsylvania based $400 million dollar company Quaker Fabric Corporation announced the signing of a strategically significant commercial agreement with Hangzhou Zhongwang Fabric Products Company, Ltd, one of China's leading upholstery fabric manufacturers.

"This new business relationship represents an important milestone in their ongoing efforts to reshape Quaker's strategy and market position to reflect the realities of today's global market.

They have been working on this project for a considerable period of time.

Their objective is to recapture that portion of the US and world markets that has moved to Chinese sourcing over the past few years by offering a unique program to their worldwide customers - one that provides a differentiated product range to them that they can count on to meet US and international quality standards.

Their intent is to build a sourcing program superior to those currently being offered that will enable them to offer both roll goods and cut and sewn kits to their customers, for direct shipment around the world and/or for further processing in China.

To accomplish this, Quaker will be providing all of the design work, as well as a transfer of technical and technological support to Hangzhou Zhongwang.

Hangzhou Zhongwang will also become Quaker's marketing arm for the distribution of Quaker's US-manufactured products to the upper end of the Chinese furniture market," commented Larry A. Liebenow, Quaker's President and CEO.

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