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A&E Expands Chinese Operations

American & Efird Inc. (A&E), Mt. Holly, N.C., has acquired an 80-percent ownership interest in Jimei Spinning Co. Ltd., a China-based thread yarn spinner formed from the operations of Hengshui Yuanda Group Co. Ltd. In addition, A&E has increased to 80 percent its ownership interest in Hengmei Spinning Co. Ltd., its existing China-based thread yarn manufacturing joint venture with Hengshui North Thread Industry Co. At the same time, North Thread has agreed to acquire Yuanda’s remaining 20-percent interest in Jimei.

Jimei and Hengmei are located in the same complex in Hengshui City, Hebei Province. Similar operations of the two companies will be combined in order to improve efficiency, according to Fred A. Jackson, president, A&E.

“The acquisition of Jimei will expand A&E’s thread yarn capacity to support our growing needs in Asia,” Jackson added. “We plan to continue to support the current Jimei customers and utilize part of the production capacity within our global supply chain.”

November/December 2005