Plastic injection moulding machine manufacturer Haitian International (Ningbo / China) is acquiring a 91% stake in research and development company Zhafir Plastics Machinery (Schwäbisch-Gmünd / Germany; www.zhafir.com) for EUR 6.57m. Zhafir Plastics Machinery is developing a series of high tech fully electric machines for the premium market (see Plasteurope.com Web of 30.05.2006).

Haitian International’s chief executive, Zhang Jianming, said the acquisition “will enable the group to develop and supply injection moulding machines for this new, growing and demanding market segment to support the group’s worldwide growth.” Helmar Franz, chairman of Haitian International’s strategy and development committee, said the Zhafir Plastics Machinery team is making “exciting progress” and is likely to present its developments at the "K 2007" trade show in Germany. Following the transaction, Franz will retain a 9% stake in Zhafir and Haitian International will own the remainder.