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British Textile Giant Invests in China
Omeir Cotran and Chris Antich (OCCA), a famous textile producer in Britain, signed an agreement November 16 in Shanghai with the Shanghai No. 2 Worsted Ace Textile Industrial Co., Ltd. to establish a joint venture.
It is the first time that a Shanghai textile company has cooperated with a foreign investor.
The first stage of investment involves 1.1 million British pounds (nearly US$1.8 million), and 55 percent of the joint venture's stock ownership will belong to the British firm.
The joint venture will introduce 26 advanced textile machines and related facilities from Britain to produce 1.2 million meters of worsted cloth every year and realize a sales income of 110 million yuan (more than US$13 million). Some of the products will be sold in the European market.
Founded in 1872, OCCA is one of the oldest textile enterprises in Europe. Its business involves textile designing, marketing, producing and quality supervision.
"The new joint venture will adopt the British way of management and create a new marketing strategy to tap Shanghai's potential in the textile industry", said O.M. Cotran, president of OCCA.
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