Metso has completed the acquisition of Shaorui Heavy Industries Ltd., which was originally announced in November 2012.
Metso has completed the acquisition of Shaorui Heavy Industries Ltd., which was originally announced in November 2012. Located in Shaoguan in Guangdong Province, Shaorui is a leading mid-market crushing and screening equipment producer in China.
Seventy-five percent ownership of Shaorui and approximately 330 employees will transfer to Metso as of Sept. 27, 2013. Metso has an option to purchase the remaining 25 percent of the company in the future. The value of the acquisition will not be disclosed.
"The acquisition is an important step for us and helps us gain deeper knowledge of the products and customers in the Chinese construction markets. Our aim is to better serve the needs of our Chinese customers by developing a market driven technology offering for China. This will be done by utilizing the technological know-how of both Shaorui and Metso to further enhance our product offering," said Pekka Pohjoismaki, president of Metso’s crushing and screening business line for mining and construction.
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. Metso has approximately 3,500 employees in China.
"Our recent actions in China, the acquisition of Shaorui Heavy Industries Ltd. and the joint venture with LiuGong Group Corp. Ltd., announced last November, significantly strengthen our supply capabilities for the Chinese construction industry,” Pohjoismaki said.