Metso completes the acquisition of the Chinese steel foundry
Metso Corporation's press release on August 8, 2013 at 10:00 a.m. local time
The acquisition improves Metso's capabilities to supply wear parts to its mining and construction industry customers in China and other markets in Asia-Pacific
Metso has completed the acquisition of the steel foundry in Quzhou City, Zheijang Province some 400 km Southwest of Shanghai, announced in February 2013. The acquired assets of Quzhou Juxin Machinery Co., Ltd and Quzhou Chixin Machinery Co., Ltd and approximately 220 employees will transfer to Metso as of today. The value of the acquisition will not be disclosed.
The target of the acquisition is to improve Metso's capabilities to supply wear parts to our mining and construction industry customers in China and other markets in Asia- Pacific. "I am really pleased that we were able to close this important acquisition this fast. It gives us good starting point to develop the Quzhou foundry as part of Metso. We already have the most extensive services center and distribution network in our industry. With this acquisition we will strengthen our manufacturing presence in China and further develop our services business", says João Ney Colagrossi, President, Services business line, Mining and Construction, Metso.
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.
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 continues to strengthen its presence in China and has announced an acquisition of Shaorui Heavy Industries Ltd. and a joint venture with LiuGong Group Corp. Ltd. Metso's 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 the aggregates production, construction, mining and minerals processing and in metal and waste recycling. Expect results.
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 contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.
For further information, please contact:
João Ney Colagrossi, President, Services business line, Mining and Construction, Metso, tel. +55 15 2102 1301, e-mail: joao.colagrossi(at)metso.com
Xiaofeng Liang, SVP China, Mining and Construction, Metso, tel. +86 13801288953, e-mail: xiaofeng.liang(at)metso.com