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China : Veken to forge partnership with Wuhan No.1 Textile Group |
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2006-7-6
China : Veken to forge partnership with Wuhan No.1 Textile Group
Ningbo based Veken Group will form a strategic partnership with state-owned Wuhan No.1 Textile Group Ltd, which generates revenue of RMB3 billion a year.
Wuhan No.1 Textile Group is the first textile enterprise in Hubei province to record total sale of about RMB0.7 billion; however, the company suffered loss of several million yuan.
Senior officials of Veken said that Wuhan No.1 Textile Group produced such cloth materials as required by Veken; moreover, Veken could build its units by using Wuhan No.1 Textile Group’s land, which is worth around RMB0.3 billion.
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