Cleantech Solutions International Inc., manufacturer and seller of textile dyeing and finishing machines, announced that its variable interest entity, Wuxi Huayang Dyeing Machinery Co. Ltd. has entered into an agreement to purchase patent technology from Chengdu Textile College for ozone-ultrasonic textile dyeing technology with the aim of developing the next generation dyeing and finishing equipment.
Jianhua Wu, Chairman & CEO of Cleantech Solutions averred, “We are focused on reinvigorating our dyeing equipment business and investing in R&D to improve our competitive position. We believe this new patent technology will allow us to develop next generation dyeing and finishing equipment that will appeal to textile manufacturers in China as well as Southeastern Asia, particularly Vietnam and Bangladesh.”
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Under the terms of the agreement, the company will make a US $ 2.5 million one-time payment to Chengdu Textile College for a utility model patent covering ozone-ultrasonic textile dyeing equipment. China’s State Intellectual Property Office has already issued the Patent Number to the company which is valid for ten years from the date of issuance.