Web offset press manufacturer Goss International has become 100 percent Chinese owned as Shanghai Electric (Group) Corp. will take over the company completely in June.
The acquisition of the remaining shares was an option established when Shanghai Electric became a shareholder in the company in September, 2009. Current majority shareholder Matlin Patterson Global Opportunities Partners will sell its shares as part of the transaction.
“We are taking this step because Goss International is a market leader with innovative technology and a highly effective global manufacturing, sales and support platform,” notes Shanghai Electric chairman Xu Jianguo. “We will continue to support the organization 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.”
Shanghai Electric Group makes up one of the largest mechanical and electrical equipment manufacturing groups in China with 60 core manufacturing sites, over 40,000 employees and 2009 revenues of US$8.6 billion. The Group’s printing and packaging division includes Akiyama presses, along with other press and finishing brands.
“We look forward to welcoming the Goss International organization 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,” adds Xu.
