HELSINKI, FINLAND--(Marketwire - Feb 5, 2013) -
Metso Corporation's press release on February 5, 2013 at 8:00 a.m. localtime
Metso is acquiring a manganese steel foundry in China
Metso is continuing to strengthen its presence in China by acquiring amanganesesteel foundry (JX) in Quzhou City, Zheijang Province some 400 km SouthwestofShanghai. The acquisition of JX will improve our capabilities to supplywearparts to our mining and construction industry customers in China and othermarkets in Asia Pacific.
"The acquisitions of JX and Shaorui Heavy Industries Ltd. and the jointventurewith LiuGong Group Corp. Ltd, announced last November, significantlystrengthenour supply capabilities for mining and construction industries in China.Metsonow has a complete range of capital equipment and wear parts covering awiderange of customer requirements. By acquiring a new steel foundry in Chinawe areable to better serve the needs of our Chinese customers", states AndrewBenko,President, Mining and Construction, Metso.
"We already have the most extensive services hub and distribution networkinour industry. With this acquisition we will strengthen our manufacturingpresence in China and further develop our services business. We willimprove ourcapability to supply wear parts to our mining and construction customerscloseto their operations and increase the flexibility and resilience of our wearproducts supply chain. We intend to use the acquired site as platform tofurtherdevelop our services capabilities in China", says João Ney Colagrossi,President, Services business line, Mining and Construction, Metso.
The transaction covers the acquisition of assets of Quzhou Juxin MachineryCo.,Ltd and Quzhou Chixin Machinery Co., Ltd from the current owner and hisassociates. The acquired assets and approximately 275 employees areexpected tobe transferred to Metso as of closing. The value of the acquisition willnot bedisclosed. The transaction is subject to the relevant regulatory approvals,which are expected in the next few months.
Metso currently has five foundries and an extensive network of externalcastingsuppliers serving the mining and construction industries. Our foundries arelocated in Ahmedabad, India; Isithebe, South Africa; Prerov, CzechRepublic;Sorocaba, Brazil and Tampere, Finland. JX has, until now, been a suppliertoMetso.
The year 2013 marks Metso's 80-year anniversary in China. The company'sfirstcontract from China, a paper machine delivery, was signed in 1933. Today,Metsohas a strong and well-established presence in China. Metso has recentlystrengthened its presence in the Chinese construction equipment marketthrough ajoint venture with LiuGong Group Corp. Ltd. and an acquisition of ShaoruiHeavyIndustries Ltd. Our 3,200 employees in China address local customer needsin allMetso's key customer industries, and support the sustainable development ofChina's industries and infrastructure.
Metso's mining and construction professionals specialize in always bringingtheright technology, processes, machinery and services to our customers inaggregates production, construction, mining and minerals processing.
Metso is a global supplier of technology and services to customers in theprocess industries, including mining, construction, pulp and paper, power,andoil and gas. Our 30,000 professionals based in over 50 countries deliversustainability and profitability to customers worldwide. Expect results.
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Source: Metso Corporation via Thomson Reuters ONE
- Investment & Company Information
- Metso Corporation
Joao Ney Colagrossi
President, Services business line, Mining and Construction
Tel: +55 15 2102 1301
SVP China, Mining and Construction
tel. +86 13801288953