It is reported that Qingdao based Huanqiu and Italian CMT signed an agreement for a joint venture to set up an enterprise on April 26, 2006.

The agreement was signed in the presence of Vice Chairman of China Textile Machines Association, the Deputy Mayor of Qingdao Jiaonan city and the Chairman of Indian L&T company.

Huanqiu is a large group, which manufactures textile machines, shoe machines and glass machines. The company specializes in the production of textile machines. Partner CMT is also produces textile machines.

This cooperation will help Huanqiu in developing its textile machine manufacturing and will provide international recognition.