China selling 49 percent of largest lathe maker

China has put a 49 percent share of its Shenyang Machine Tool (Group) Co. Ltd. up for sale. The sale is open to domestic and foreign investors, but foreign investors are restricted to holding no more than 30 percent of the state-owned company, according to the Shanghai United Assets and Equity Exchange.

Shenyang Machine is based in the northeastern province of Liaoning, and employs 11,171 people. It has total assets of 8.6 billion yuan ($1.1 billion), including 2 billion yuan (about $255 million) in fixed asssets and 5.5 billion yuan (about $703 million) in current assets.

The state-owned Assets Supervision and Administration Commission that owns Shenyang Machine hopes to sell the 49 percent stake to three investors who are independent of each other, financially strong, and any foreign investor cannot own more than 30 percent of the company. Shenyang Machine is one of the major machine tool research and development firms in China. It exports to more than 80 countries and has a factory in Germany. Last year the company produced more than 60,000 machine tools, including more than 10,000 CNC machine tools.

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