# Fong's Industries acquires Possehl's textile machinery business in Germany and Austria

Fong's Industries (Hong Kong) agreed to acquire Possehl's European companies engaged in textile machinery manufacturing in Germany and Austria for EUR 50 million. Possehl will also invest EUR 9 million in Fong's Projects for a 9.9% stake.

- Type: Acquisition
- Announced: 2018-11-16
- Where: Germany and Austria, Germany
- Value: $57.0M (50.0M EUR)
- Status: announced
- Products: textile machinery
- Sectors: [Industrial Machinery](https://endata.com/sectors/industrial-machinery.md)

## Companies

- [Fong's Industries](https://endata.com/companies/19238.md) (acquirer)
- [Possehl](https://endata.com/companies/19239.md) (target)

## Sources

- [tex-asia.com](http://www.tex-asia.com/news/201811/16/37661.html), 2018-11-16: "立信工业向合资合伙人收购德国及奥地利纺织机械制造业务"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.