China: Automation helps cotton textile giant to grow
16/08/2017
Weiqiao Textile’s annual revenue was RMB 14,175 million ($2.1 billion), while profit was flat against the year before at RMB993 million ($150 million).
During the year, the Group divided the business into segments: textile, electricity and steam.
Its “intelligent” compact yarn plant went on stream in November 2016. The factory is equipped with state-of-the-art machinery, which reduces number of the workers per ten thousand spindles to less than 10, lowering labour costs.
Chairman Zhang Hongxia said: "The company is financially sound and well-run, and the management has continuously improved corporate governance, with ongoing steps being made to enhance the management level and performance.
“I believe that by leveraging our positive brand image, extensive operational experience, sufficient cash flow and healthy financial position, the group will continue to enhance its core competitiveness, maintain healthy, stable and sustainable development momentum and create better returns for our shareholders with stronger growth."
Weiqiao Textile is located in Shandong, China's second largest cotton producing province. It has production bases in Weiqiao, Binzhou, Weihai and Zouping and employs approximately 63,000. As at 31 December, 2016, the Group produced approximately 365,000 tons of cotton yarn, 868 million metres of grey fabric and 74 million meters of denim.
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