Chinese steel foundry acquired by Metso
The acquisition of the steel foundry in Quzhou City, Zheijang Province, China, by Metso Corp, has been completed. The acquisition was first announced in February 2013.
As a result of the acquisition, the assets of Quzhou Juxin Machinery Co., Ltd., and Quzhou Chixin Machinery Co., Ltd., and approximately 220 employees, will transfer to Metso. In February, it was estimated that 275 employees would transfer between companies, though there has been no reason given as to why this figure has changed.
The value of the acquisition has not been disclosed.
Metso hopes to improve its ability to supply wear parts to mining and construction industry customers in China and other markets in the Asia-Pacific. It also hopes to increase the flexibility and resilience of its wear products supply chain.
The Quzhou foundry can be seen as a platform for Metso to develop its services. João Ney Colagrossi of Metso said the acquisition gave the company “a good starting point to develop the Quzhou foundry as part of Metso. With this acquisition we will strengthen our manufacturing presence in China.”
The company currently has five foundries and an extensive network of external casting suppliers serving the mining and construction industries.
Adapted from press release by Samuel Dodson
Read the article online at: https://www.worldcoal.com/coal/08082013/metso_acquires_chinese_foundry_306/
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