New Silkroutes expands into medical consumables business with China acquisitions; trading suspension to be lifted on Monday

SINGAPORE (Feb 23): New Silkroutes Group (NSG) announced that it has entered into a memorandum of understanding (MOU) to acquire two Shanghai-based firms that manufacture polypropylene fabrics, polyester wadding and related products for a consideration of $65 million.

NSG will be acquiring the two firms – Shanghai Fengwei Nonwovens and Shanghai Fengwei Garment Accessory – from Shen Yuyun, the chairman and general manager of the two firms.

Both the firms have been in business for more than two decades and supply the base materials for the production of healthcare consumables like isolation gowns, disposable shoe covers, linen and drapes used in hospitals in China. Their products are also exported to markets such as North America and Europe.

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