Intelligent Manufacturing｜SGG’s Turnaround
SGG was indeed at its lowest ebb before 2004, at that time this companywas almost bankrupt and could only maintain business by selling plants.Although suffering such economic hardship, SGG implemented a transnationalmerger and acquisition of the Europe's second-largest sewing machine manufacturer- DüRKOPP ADLER in Germany, which had been also losing money for several years.
The household sewing machine brandcalled “Butterfly” used to be one of Shanghai's "Big Three", but in the new century, it gradually faded out of people'svision. Manypeople even felt that, such a century-old brand had disappeared in Shanghai.
"At that time, SGG borrowed moneyfrom shareholders andbanks. After the merger and acquisition, If we are still losing money within one or two years, both of us will totally cometo nothing." The president of SGG Mr. Zhang Min said when interviewed.