Metso to buy up remaining shares in Chinese crushing and screening firm
Metso, to support its growth plans in China, has exercised its call option to acquire the remaining 25% of Chinese crushing and screening equipment manufacturer Shaorui Heavy Industries.The Finland-based company originally acquired 75% of Shaorui, which targets the mid-markets with its comminution equipment, back in September 2013. Back then, the company said the acquisition forms a good platform for future growth in terms of obtaining a leading crushing and screening market position by combining Metso’s current premium product offering with Shaorui’s experience in mid-market products.“Shaorui business is growing and our expectations are positive,” Markku Simula, President of the Aggregates Equipment business area at Metso, said. “Today, they are one of the leading mid-market crushing and screening equipment producers in China, and full ownership provides us an opportunity to broaden our scope in terms of new markets and offering.”The transaction is expected to be completed during the December quarter. After the transaction, Metso will become the sole owner of the company with 100% of its shares.