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China Hi-Tech Group (CHTC) signed a pre-closing agreement to acquire Oerlikon's nonwovens machinery carding business unit, including assets of Autefa Automation GmbH in Germany and shares of Oerlikon Neumag Austria GmbH. The deal is expected to close in Q3 2018.
China's State Council approved the merger of China National Machinery Industry Corporation (Sinomach) and China Hi-Tech Group Corporation. The textile conglomerate becomes a wholly-owned subsidiary of Sinomach.