A senior manager of China Textile Machinery (Group) Co Ltd (CTMC) on Wednesday revealed the state-owned enterprise is to be restructured and expects sales to rise significantly this year following an imminent acquisition.

Zhang Jie, board director and general manager of CTMC, told China Daily the firm is to undergo a process of shareholder diversification which will see asset management firms Cinda, Huarong and Dongfang buy into the company.

He told the paper his firm will acquire another firm this year, but declined to reveal its name or how much the deal was worth.

He added that besides the acquisition, CTMC will float Zhengzhou Textile Machinery Co Ltd, one of its biggest companies, in early 2004.