High-tech industrial business The Oerlikon Group is revamping its textile division, aiming to increase its competitiveness and profitability.

The changes include the consolidation of its five textile machinery and components businesses into three business units; the relocation of the textile division’s headquarters to Shanghai; and increased research and development investment in both Germany and Asia to about CHF80m (US$87.5m).

Oerlikon added that experienced international executive Clement Woon would succeed Thomas Babacan as textile segment CEO on 1 January.

“We have seen strong improvement in our textile business, resulting in record margins,” said Oerlikon CEO Dr Michael Buscher. “With the announcement today we are positioning the segment even closer to our largest customers, consistent with our strategy to further increase efficiency and profitability.”

The company produces spinning systems and texturising machines.