Chinese Development Bank to finance Oerlikon Textile Divestment
Yesterday – and at the occasion of the visit of the Chinese Premier in Germany – representatives from Oerlikon Group, Jinsheng Group and Chinese Development Bank (CDB) signed a Cooperation Framework Agreement (CFA) in Berlin in view to the financing of the Jinsheng acquisition of the Oerlikon Textile Natural Fibres and Textile Components businesses
The ceremony took place in the German Chancellery in Berlin and in presence of Angela Merkel, Chancellor of Germany, and Li Keqiang, Premier of China. Other companies attending the ceremony were Siemens, VW, BMW and BASF. It has to be added that the Chinese Premier visited before, and for three days, Switzerland where he discussed the finalisation of a Free Trade Agreement with that country.
Why the ceremony took place in Germany is obvious, because most of to be disposed Oerlikon textile activities are located in Germany.
As we recall, on December 3, 2012 the Oerlikon Textile divestment agreement was signed and its closing is expected during this second quarter.
It has to be added that Oerlikon Group realised record sales in China of close to CHF 1.1 billion or 28 % of sales and employs there more than 2800 persons, and it operates 10 Coating Centres and manufacturing plants in five locations.