Aroundtheworld

Fosun to buy Germany’s FFT

Chinese conglomerate Fosun International said Wednesday that it has signed an agreement to acquire German automated and flexible production systems provider FFT GmbH & Co.

In a statement sent to the Global Times, Fosun did not disclose a timetable for the deal or the amount of the transaction.

FFT supplies automated manufacturing solutions for German, US and Japanese car companies, according to the statement. The company’s revenue reached 850 million euros ($983.62 million) in 2017 and it has 2,600 employees, it said.

Fosun said in the statement that the acquisition would help its manufacturing assets upgrade.

Tapping into Israeli tourism

Myway Georgian Airline Co, founded by a Chinese company, announced Tuesday that it will soon begin flights between the Georgian capital of Tbilisi and the Israeli coastal city of Tel Aviv.

The competition on the route to Georgia, a popular destination for Israeli tourists, is heating up under the influence of Chinese investors.

Myway, which began operating just a few months ago, will start the new route on June 28. The company owns two Boeing 737-800s and two similar planes have been ordered.

The airline is backed by Hualing Group, which was founded in 1988 in Urumqi, capital of Northwest China’s Xinjiang Uyghur Autonomous Region.