Oerlikon to sell textile divisions to China

OC Oerlikon Corp, the world's largest maker of textile machinery, agreed to sell its natural fibers and textile-components units to China's Jinsheng Group as part the biggest sale yet organized by Michael Buscher, Oerlikon's chief executive officer .

The units were the source of a quarter of Oerlikon's 4.2 billion Swiss francs ($4.53 billion) in revenue in 2011, have an enterprise value of 650 million Swiss francs and employ 3,800 people.