Company exercises option to acquire the remaining 25% share in Chinese Shaorui Heavy Industries Ltd
TO support their growth plans in China, Metso have exercised their call option to acquire the remaining 25% of shares of Shaorui Heavy Industries Ltd, a Chinese manufacturer of crushing and screening equipment targeted at the mid-market segment.
The transaction, which is expected to be finalized during fourth quarter of 2019, will complete the 75% acquisition made in September 2013 and make Metso the sole owners of the company with 100% of its shares.
Commenting on the acquisition, Markku Simula, president of the Aggregates Equipment business area at Metso, said: ‘Shaorui business is growing and our expectations are positive. Today, they are one of the leading mid-market crushing and screening equipment producers in China, and full ownership provides us with an opportunity to broaden our scope in terms of new markets and offering.’