CHINA: SHANGGONG ACQUIRES MA­JOR­ITY SHARE IN RICHPEACE

Stitch World - - NEWS -

China-based ShangGong Group ( SGSB) re­cently ac­quired 65 per cent stake in Tian­jin Richpeace Com­puter & Ma­chin­ery Co. Ltd., which is a pi­o­neer in pro­vid­ing tech­nolo­gies to ap­parel and tex­tile in­dus­try. The ac­qui­si­tion was an­nounced on the oc­ca­sion of

12th an­niver­sary cel­e­bra­tion of Richpeace in Baodi dis­trict of China, by SGSB Chair­man and Pres­i­dent Zhang

Min along with Richpeace Gen­eral Man­ager Li JinNing.

SGSB is a lead­ing group en­gaged in pro­duc­tion and sales of in­dus­trial sewing ma­chin­ery and owns well­known global high- end sewing tech­nol­ogy brands in­clud­ing Duerkopp Adler, PFAFF, KSL, as well as wide­ly­known do­mes­tic brands like ShangGong and Gemsy.

The to­tal in­vest­ment of SGSB in the ac­qui­si­tion stands at US $ 23 mil­lion which in­cludes US $ 20 mil­lion for eq­uity ac­qui­si­tion and ap­prox­i­mately US $ 3 mil­lion for cap­i­tal in­crease.

At present, Shen­zhen Ying Ning Ven­ture Cap­i­tal Co. Ltd. holds 60 per cent eq­uity of Richpeace, while the re­main­ing 40 per cent is shared by Tian­jin Tong Shang Soft­ware Co., Ltd.

The merger aims at the ex­pan­sion of busi­nesses of both the firms and, ac­cord­ing to ShangGong Group, its cus­tomers will now find nearly all ma­chin­ery of the tex­tile value chain un­der one roof. Richpeace, a renowned name in­ter­na­tion­ally for its high au­to­matic prod­uct line, has a di­ver­si­fied and vast prod­uct port­fo­lio which in­cludes: CNC con­trolled sewing ma­chines, com­put­erised em­broi­dery ma­chines, laser cut­ters, quilt­ing ma­chines, tex­tile print­ing ma­chines, iron­ing ma­chines, as well as CAD/ CAM soft­ware and elec­tronic con­trols.

Lo­cated in the Tian­jin Baodi Eco­nomic De­vel­op­ment Zone near Bei­jing in China, Richpeace ma­jorly caters to six man­u­fac­tur­ing in­dus­tries: ap­parel, home tex­tiles, fur­ni­ture, au­to­mo­tive, tech­ni­cal tex­tiles and aero­space. With more than 300 patents and 30 soft­ware copy­rights, Richpeace is one of the tech­nol­ogy lead­ers of the tex­tile ma­chine sec­tor in China.

Fur­ther­more, the ac­qui­si­tion will also give po­ten­tial to the Ger­many­based Duerkopp Adler Group (which was also ac­quired by SGSB re­cently) to offer com­plete in­dus­try 4.0 so­lu­tions.

“Pro­duc­tion progress from dig­i­tal tex­tile print­ing through cut­ting to sewing can be mon­i­tored now and steered by our digi­tised ma­chine net­work sys­tems,” said Di­et­rich Eick­hoff, Chair­man of the Board of Duerkopp Adler AG, stat­ing that SGSB will be able to see large per­spec­tives and syn­ergy for the fu­ture by this merger.

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