Japan Wool Textile to open Shanghai office

OSAKA, Jan. 9 Kyodo

Japan Wool Textile Co., a leading spinning and weaving company in Japan, said Tuesday it will open a Shanghai office Feb. 1 to increase sales in China.

The company also said in a three-year business plan for the group to be inaugurated next April that it aims to strengthen nontextile operations to earn 35% of consolidated sales in fiscal 2003 and 50% in fiscal 2005.

In a bid to prop up nonwoven fabric, felt and other textiles for industrial use, meanwhile, the company said it will take a 32.3% stake in a Hyogo Prefecture-based felt maker, Ambic Co.

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