From the Wires
Metso continues to strengthen its industry-leading services presence and capabilities in Mining and Construction
Feb. 5, 2013 01:15 AM
HELSINKI, FINLAND -- (Marketwire) -- 02/05/13 --
Metso Corporation's press release on February 5, 2013 at 8:00 a.m. local
time
Metso is acquiring a manganese steel foundry in China
Metso is continuing to strengthen its presence in China by acquiring a
manganese
steel foundry (JX) in Quzhou City, Zheijang Province some 400 km Southwest
of
Shanghai. The acquisition of JX will improve our capabilities to supply
wear
parts to our mining and construction industry customers in China and other
markets in Asia Pacific.
"The acquisitions of JX and Shaorui Heavy Industries Ltd. and the joint
venture
with LiuGong Group Corp. Ltd, announced last November, significantly
strengthen
our supply capabilities for mining and construction industries in China.
Metso
now has a complete range of capital equipment and wear parts covering a
wide
range of customer requirements. By acquiring a new steel foundry in China
we are
able to better serve the needs of our Chinese customers", states Andrew
Benko,
President, Mining and Construction, Metso.
"We already have the most extensive services hub and distribution network
in
our industry. With this acquisition we will strengthen our manufacturing
presence in China and further develop our services business. We will
improve our
capability to supply wear parts to our mining and construction customers
close
to their operations and increase the flexibility and resilience of our wear
products supply chain. We intend to use the acquired site as platform to
further
develop 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 Machinery
Co.,
Ltd and Quzhou Chixin Machinery Co., Ltd from the current owner and his
associates. The acquired assets and approximately 275 employees are
expected to
be transferred to Metso as of closing. The value of the acquisition will
not be
disclosed. 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 external
casting
suppliers serving the mining and construction industries. Our foundries are
located in Ahmedabad, India; Isithebe, South Africa; Prerov, Czech
Republic;
Sorocaba, Brazil and Tampere, Finland. JX has, until now, been a supplier
to
Metso.
The year 2013 marks Metso's 80-year anniversary in China. The company's
first
contract from China, a paper machine delivery, was signed in 1933. Today,
Metso
has a strong and well-established presence in China. Metso has recently
strengthened its presence in the Chinese construction equipment market
through a
joint venture with LiuGong Group Corp. Ltd. and an acquisition of Shaorui
Heavy
Industries Ltd. Our 3,200 employees in China address local customer needs
in all
Metso's key customer industries, and support the sustainable development of
China's industries and infrastructure.
Metso's mining and construction professionals specialize in always bringing
the
right technology, processes, machinery and services to our customers in
aggregates production, construction, mining and minerals processing.
www.metso.com/miningandconstruction
Metso is a global supplier of technology and services to customers in the
process industries, including mining, construction, pulp and paper, power,
and
oil and gas. Our 30,000 professionals based in over 50 countries deliver
sustainability and profitability to customers worldwide. Expect results.
www.metso.com , www.twitter.com/metsogroup
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Metso Corporation via Thomson Reuters ONE
[HUG#1675430]
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