Chinese private sewing machine maker takes over German peers
New Jack Sewing Machine Co., Ltd., a Chinese private sewing machine supplier based in eastern China's Zhejiang Province, have taken over two German counterparts, Bullmer and TopCut, company officials said on July 17.
China Sewing Machinery Association said that the move was the first successful acquisition of overseas companies by a Chinese private sewing machine manufacturer.
The first successful offshore takeover by a Chinese state-owned sewing machine company occurred in 2005.
Company officials said New Jack Sewing Machine has taken over brand names, technology, effective stocks and human resources of the two German firms at a cost of 45 million yuan (6.6 million U.S. dollars).
On the basis of the acquisitions, a new company named TopCut-Bullmer has been created, according to the officials.
The new company will establish a new management force and operation mechanism and make use of state-of-art technology from the two German firms and New Jack's resources in global clothing and textile industries.
Bullmer is a leading manufacturer of machines for the clothing and textile sectors. And TopCut focuses leather cutting systems.
