Jinsheng Group has become the latest Chinese company to snap up industrial assets in western Europe after agreeing to buy the natural fibres and textile components units of Oerlikon, the Swiss engineering group controlled by Russian oligarch Viktor Vekselberg.

Oerlikon will receive between SFr450m and SFr500m ($486m-$539m) in the latest of a series of divestments aimed at refocusing the company on the higher-margin market for man-made fibres, which have applications in fields such as the automotive and construction industries.

“This deal is a strategic milestone in terms of concentrating our business on markets where there are good growth prospects and high margins,” said Michael Buscher, chief executive, adding that only a third of Oerlikon’s sales would now come from textiles.