continue its dedication to thee traditional markets as a base for high technology products. In addition, Chinese Hi-Tech Group Corporation will ensure that the Carding Division will serve its existing and future customers in the same manner, with quality products still being made in Europe.
After the transaction Oerlikon Neumag will focus on its main business activities like BCF, Staple Fiber and selected Nonwoven Equipment. As a result, the site Neumünster, Germany, is not affected by the sale of the Carding business. "In addition to many operational improvements of Oerlikon Neumag during 2010 and 2011, this strategic step contributes by systematically increasing the profitability of the Segment Oerlikon Textile. Oerlikon Neumag can now fully concentrate on its main business and we ensure that the Carding business is placed with a strategically appropriate parent company in future," says Oerlikon Group CEO Michael Buscher.continue its dedication to thee traditional markets as a base for high technology products. In addition, Chinese Hi-Tech Group Corporation will ensure that the Carding Division will serve its #
About Oerlikon
Oerlikon (SIX: OERL) is a leading high-tech industrial group specializing in machine and plant engineering. The Company is a provider of innovative industrial solutions and cutting-edge technologies for textile manufacturing, drive, vacuum, thin film, coating, and advanced nanotechnology. A Swiss company with a tradition going back over 100 years, Oerlikon is a global player with more than 16 500 employees at over 150 locations in 36 countries and sales of CHF 3.6 billion in 2010. The Company invested in 2010 CHF 239 million in R&D, with over 1 200 specialists working on future products and services. In most areas, the operative businesses rank either first or second in their respective global markets.
About Hi-Tech-Group
China Hi-Tech Group Corporation (Hi-Tech Group) is a large-scale wholly state-owned holding company under the State-Owned Assets Supervision and Administration Commission of Chinese State Council. With textile machinery, commercial vehicles, textiles, garments and trade being its main businesses, the goal of Hi-Tech Group is to develop the company into an internationally competitive textile industrial group. At present, Chine Hi-Tech Group has 12 direct subsidiaries, 88 third-class exclusively-invested enterprises and holding enterprises. Among them, Jinwei Textile Machinery Co., Ltd. (00350:HK;000666:SZ) and Fong's Industries Company Limited (00641:HK) are listed in Hong Kong and/or domestic stock market, KAMA Co., Ltd (900953:B) is listed on SSE, and Baoding Swan Co., Ltd. (000687:SZ)listed on SSE. It has a strong capability for capital operation and a sharp competitive edge in the international market.
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