Metso complete acquisition of Chinese steel foundry
Metso have completed the acquisition of the steel foundry in Quzhou City, Zheijang Province, some 400km south-west of Shanghai, which was 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 immediately. 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 mining and construction industry customers in China and other markets in Asia-Pacific.
João Ney Colagrossi, president, services business line, mining and construction, Metso, commented: 'I am really pleased that we were able to close this important acquisition this fast. It gives us a good starting point to develop the Quzhou foundry as part of Metso. We already have the most extensive services centre and distribution network in our industry. With this acquisition we will strengthen our manufacturing presence in China and further develop our services business.'
Metso currently have five foundries and an extensive network of external casting suppliers serving the mining and construction industries. The foundries are located in Ahmedabad, India; Isithebe, South Africa; Prerov, Czech Republic; Sorocaba, Brazil; and Tampere, Finland.
