Pursuits
Oerlikon to End Asset Sales After Natural-Fibers Disposal
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OC Oerlikon Corp., the world’s largest maker of textile machinery, won’t seek to sell more units after announcing the disposal of its solar and natural-fibers divisions, Chief Executive Officer Michael Buscher said.
Oerlikon agreed to sell its natural-fibers and textile-components units, with an enterprise value of 650 million francs ($703 million), to Chinese investor Pan Xueping’s Jinsheng Group in Buscher’s biggest divestment yet. The deal, announced yesterday, will bring proceeds of 450 million francs to 500 million francs to Pfaeffikon, Switzerland-based Oerlikon, the CEO said.