JAPAN: Wool Firm To Invest In Chinese Textile Company
Japan Wool Textile Co said today that as part of its strategy to move more of its production to China it will take a 60 per cent stake in China's JiangyinNikke Worsted Spinning Co. The company said a new share issue should be finalised by early next year and said the move should see JiangyinNikke boost the group's sales by around 1.2 billion yen a year.