Jack to Buy Shares in Ital­ian Ma­chin­ery Com­pany

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Jack Sewing Ma­chine Co. plans to buy lead­ing Ital­ian mak­ers of in­dus­trial sewing ma­chines for a to­tal EUR23.2 mil­lion (USD28.6 mil­lion) as the Chi­nese firm looks to gain a foothold in Italy’s gar­ment equip­ment in­dus­try.

The com­pany, based in Taizhou in China’s eastern prov­ince of Zhe­jiang, plans to buy all of Fin­ver SPA, which owns 5 per­cent of Vinco SRL and half of Vibe­mac SPA, it said in a state­ment. Jack Sewing will also di­rectly buy a 95 per­cent share of Vinco and 30 per­cent of Vibe­mac, giv­ing it to­tal eq­ui­ties of 100 per­cent and 80 per­cent, re­spec­tively.

Jack Sewing Chair­man Zhao Xin­qing has used over­seas merg­ers and ac­qui­si­tions to ex­pand its busi­ness since 2009, buy­ing Ger­man dig­i­tal cut­ting com­pany Bullmer Gmbh and Maica SPA, an Ital­ian pro­ducer of in­tel­li­gent man­u­fac­tur­ing so­lu­tions for shirts. Global sales of in­dus­trial sewing ma­chines, heavy-duty equip­ment that are used in the pro­duc­tion of clothes, shoes, bags and other com­mer­cial items, are fore­cast to grow be­tween 20 per­cent and 45 per­cent a year through 2022.

Jack Sewing aims to ex­pand its prod­uct cat­e­gories and cus­tomer base in Italy with a par­tic­u­lar fo­cus on au­to­mated jeans pro­duc­tion. Vibe­mac pro­duces ma­chin­ery for mak­ing jeans. Jack has es­tab­lished it­self as a very strong player and has dented busi­ness of many lead­ing sewing com­pa­nies all over the world. Its ser­vices, tech­nol­ogy and ac­ces­si­bil­ity to huge con­sumer base is what is seen as some of the big­gest ad­van­tages for com­pany’s growth.

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