Shanghai Electric takes up option on the rest of Goss

May 19, 2010 at 07:14 pm by Staff


Shanghai Electric (Group) Corporation has announced that it will buy the rest of Goss International next month, exercising an option established when it became a shareholder in the company last September. The acquisition of will give Goss an industrial owner with substantial resources and accelerate cooperation among affiliated printing equipment suppliers in the group. Chairman Xu Jianguo says SEG is making the move because Goss is a market leader with innovative technology and a highly effective global manufacturing, sales and support platform: “We will continue to support the organisation in sustaining these differentiating advantages over the long term. “Full ownership of Goss International enhances our presence in the print sector, our world-class product portfolio and our ability to deliver innovation, value and security to a wider range of printers and publishers.” Goss president and chief executive Jochen Meissner says his organisation and SEG share an international outlook and a focus on working with customers to realise innovative, technology-driven solutions. “Our ownership structure is solid, and our vision is clear. We have confidence in our ongoing ability to innovate, to execute projects large and small, and to provide excellent customer support,” he says. Shanghai Electric (Group) Corporation subsidiary companies operate in a wide variety of sectors, including power generation and transmission, electromechanical equipment, heavy machine tools, transportation equipment, environmental protection systems and automatic instrumentation. The group’s printing and packaging machinery companies produce Akiyama, Purlux, Guanghua, Yawa, Shen Wei Da and Feida press, finishing and auxiliary components for the worldwide market. A successful joint venture established in China has also produced several Goss web press models since 1993. Xu Jianguo says that 100 per cent ownership will create opportunities for Goss and SEG companies to pursue joint product development initiatives, integrate and enhance sales and support capabilities in some regions, and optimise manufacturing operations throughout America, Asia and Europe. “We look forward to welcoming the Goss International organisation within our family of companies and to leveraging and building on the formula of continuous innovation and international expertise that has made it an industry leader,” he says. Other current shareholders in Goss International, including majority shareholder MatlinPatterson Global Opportunities Partners, will sell their shares in the company as part of the transaction. SEG and its affiliates are one of the largest mechanical and electrical equipment manufacturing groups in China with 60 core manufacturing sites, more than 40,000 employees and 2009 revenues of $8.6 billion.
Sections: Print business

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