German flat knitting machine manufacturer H. Stoll AG & Co. KG has inked a partnership with Shanghai based Shang Gong Group (SGG) which has a focus on sewing and textile welding.
Shang Gong Europe (SGE), the Germany based subsidiary of SGG will join H. Stoll AG as a limited partner with a minority share by means of a capital increase.German flat knitting machine manufacturer H. Stoll AG & Co. KG has inked a partnership with Shanghai based Shang Gong Group (SGG) which has a#
“Also, SGE will have one member in Stoll's supervisory board while the Stoll family will still retain majority share in the company,” a press release from Stoll informed.
“The formal partnership will become effective after clearance by the relevant merger control authorities,” Stoll added in the press release.
According to Stoll, SGG is a strong international partner who deeply understands the textile industry.
With its German brands Dürkopp Adler, Pfaff Industrial and KSL Keilmann, SGG also has a significant footprint with considerable operations in Europe.
“This partnership supports future growth and sustainability and is the basis for further expansion of products and solutions and Stoll will benefit from additional know-how and an even broader presence in Asia,” it stated.
H. Stoll is an internationally operating manufacturer of flat knitting machines based in Reutlingen, Germany and was founded in 1873 and has about 850 employees worldwide.
The Stoll product portfolio comprises flat knitting machines and patterning software which are used for the production of fabrics for fashion as well as for technical applications.
Stoll exports to more than 70 countries all over the world and offers integrated service through affiliated companies, sales and marketing centers and numerous agencies.
With innovative technical developments and a modern production environment Stoll enables a broad spectrum of knitting trends, some of which are shown in the most current Stoll Capsule Collection.
Shang Gong Group is an internationally recognised company with the focus on high end technology products such as automation of industrial sewing and welding equipment as well as robots.
Shang Gong Group was established in 1965 and is a Sino-foreign joint venture that issued A and B class shares in the Chinese stock market and is listed on the Shanghai Stock Exchange. (AR)
Fibre2Fashion News Desk – India
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