ShangGong Group acquires 65% stake in Richpeace for $23M

ShangGong Group (SGSB) acquired a 65% stake in Tianjin Richpeace Computer & Machinery Co., Ltd. for a total investment of $23 million, including $20 million for equity and $3 million for capital increase. The acquisition was announced at Richpeace's 12th anniversary celebration in Baodi, China.

“The merger aims at the expansion of businesses of both the firms and, according to ShangGong group, its customers will now find nearly all machinery of the textile value chain under one roof.”apparelresources.com

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• apparelresources.comShangGong acquires majority share in Richpeace | Production Technology News ChinaApparel Resources News-DeskSep 19, 2018

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