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Firm buys remaining shares of partner
By Ding Yining |
June 11, 2010, Friday
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Print Edition
Print Edition
SHANGHAI Electric Group Co has agreed to take over the remaining shares of United States-based printing machinery maker Goss International and will also set up a new company to add high-end printing to its portfolio.
Under the agreement, Shanghai Electric Printing & Packing Machinery Group, a unit of Shanghai Electric, will also merge its previous joint venture with the US company into a new Goss Graphic Printing (China) Co, according to a statement on the Website of the General Administration of Press and Publication.
The firm didn't provide any details of the acquisition but previous media reports said it cost at least US$1.5 billion.
Shanghai Electric became Goss International's second-largest shareholder in September 2009 when it spent US$350 million to buy 40 percent of the US firm.
The purchase will help meet rising demand for media printing, Shanghai Electric Chairman Xu Jianguo has said.
"We look forward to tapping Goss International's technologies and global network and hope to integrate and enhance our sales and support capabilities," he said.
Under the agreement, Shanghai Electric Printing & Packing Machinery Group, a unit of Shanghai Electric, will also merge its previous joint venture with the US company into a new Goss Graphic Printing (China) Co, according to a statement on the Website of the General Administration of Press and Publication.
The firm didn't provide any details of the acquisition but previous media reports said it cost at least US$1.5 billion.
Shanghai Electric became Goss International's second-largest shareholder in September 2009 when it spent US$350 million to buy 40 percent of the US firm.
The purchase will help meet rising demand for media printing, Shanghai Electric Chairman Xu Jianguo has said.
"We look forward to tapping Goss International's technologies and global network and hope to integrate and enhance our sales and support capabilities," he said.
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