Homag Group Seeks to Double China Sales, CEO Tells Handelsblatt

Homag Group AG (HG1) seeks to double sales in China in the long term, Chief Executive Officer Markus Flik told Handelsblatt in an interview.

The Schopfloch, Germany-based maker of wood working machinery, which generates sales of about 60 million euros ($76 million) in China, is investing 6 million euros in its Shanghai unit, Flik told the newspaper.

The company is betting on China’s rising wages to spur more companies to buy machines instead of relying on hand-made production, Flik said.

Stefan Nicola in Berlin at +49-30-70010-6246 or snicola2@bloomberg.net

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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