Viking Capital Group Inc has purchased a 25 per cent stake in the newly-named Chinese apparel group Wuxi Viking Garment Company Ltd. Wuxi Viking oversees five garment manufacturers and the move is expected to bring a flood of US business into the company.

The deal is effective from October 1, 2001. Revenues are projected to reach $24 million and net income is expected to exceed $1.9m for fiscal year 2001.

William J Fossen, chairman of Viking, said: "Viking has made its move into the garment industry because of its many established relationships in the industry both in the US and China and its belief that it can substantially grow the business. The textile industry is the largest industry in China and growing.

"We are excited about the excellent position our company has achieved in China at this most opportune time with these companies in Wuxi.

"Viking brings to Wuxi Viking a well connected management team in the US and the capability of bringing $100m a year of US business to the Wuxi Viking factories in the years ahead."

Wuxi Viking chairman, Qian Bo Yong, added: "Our business is almost 100 per cent from Japan. Viking opens up the US market and also China with its many business connections. We are very excited about continuing to grow with the assistance of Viking and we are very pleased to become associated with Viking and its management team.

"We believe that together we can significantly grow our business on a worldwide basis, capitalising on our reputation of delivering quality garments in a timely fashion."

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