Fong's National Engineering Company Limited (FNECL), a Hong Kong-based group, has acquired Scholl-Then through Associated Textile Consultants (ATC), representing FNECL in Pakistan.
FNECL will have exclusive ownership and possession of the assets, IP rights and business real estate of the European-based dyeing and finishing group, all of which are related to manufacture and sale of dyeing machines.
Through the acquisition, the Fong's Group will be able to further complement its products range in the field of dyeing and finishing machines and will also acquire a well-established brand name in addition to its own brand 'Fong's'.
ATC MD Zahid Majeed said that Fong's has a long history of commitment to Pakistan with over 70 installations.
After visiting its modern engineering facility and seeing the new dyeing and finishing supplied by them to global giants like Fountain Set, he believed that their manufacturing plant and technology was now state-of-the-art technology.
He said that this achievement pointed to future evolution of the textile machinery and its shift of origin from Europe to Asia.
He said he was confident that Fong's would continue to be an excellent partner for Pakistan's value-added textile sector in the efforts to prepare for global free trade from 2005.
In general, the acquisition would further enhance ATC's strategy to provide its consumers with the widest range of products and with the latest technology in the field of design, manufacture and sales of dyeing and finishing machines through FNECL, he said.