Fong’s Acquires Then Assets

Fong’s Industries Co. Ltd., a Hong Kong-based manufacturer of textile dyeing and finishing
machines, has invested 10 million euros to acquire the assets, production facilities, real property
and intellectual property rights of Then Maschinen und Apparatebau GmbH and Scholl-Then GmbH. The
companies, both based in Germany, had faced bankruptcy proceedings. Fong’s has renamed the
consolidated company Then Maschinen GmbH. The new company will maintain its current distribution
network and will continue to supply beam dyeing machines, piece dyeing and yarn dyeing equipment,
chemicals and dyestuff dosing systems, and control units and central control systems. Seventy-five
percent of the former staff will continue with the new company working under the leadership of
previous Then and Scholl-Then Managing Director Werner Hubsch.

October 2004