By Haydn Davis in Shanghai - Flat knitting machine builder Steiger has been bought by Ningbo Yuren Knitting Machine Co. Ltd. Financial terms of the deal were not disclosed.
The sale has been in the pipeline for several months but the deal was finalised here in Shanghai during the ITMA Asia + CITME exhibition.
Ningbo Yuren is regarded as the fastest growing knitting machine builders in China offering a range of both flat and circular machines under the Cixing brand to its Chinese customer base.
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