Ningbo Veken Group Buying Wuhan No.l Textile Group

摘要

It has become clear that Ningbo Veken Group has carried out the negotiations to buy Wuhan No.l Textile Group,a state-owned enterprise with a history of more than 100 years.Wuhan No.l Textile Group,proudly possessing the scale of 200,000 spindles,is an old-established textile firm which has played the leading role for many years among the textile industry in Hubei province.Sales last year were nearly 700 million yuan,but posted red-ink figures of several million yuan.People related to Wuhan No.l Textile Group say,"It is not that the business performance was poor.It is because of increasing expenses for group-related schools and retired employees.