Metso Corporation's press release on February 17, 2014 at 10.00 a.m. EET
Metso and Guangxi Liugong Group Co., Ltd. (LiuGong) have obtained all necessary approvals from the Chinese authorities and the 50%-50% joint venture between the two companies has been officially established. Headquartered in Shanghai, Liugong Metso Construction Equipment (Shanghai) Co. Ltd. (LiuGong-Metso), will combine Metso's know-how in track-mounted crushing and screening business and technology with LiuGong's extensive distribution resources (~900 customer service locations in China) and manufacturing capabilities in China.
The initial scope of the joint venture will cover the design and manufacture of localized versions of Metso's Lokotrack mobile crushers and screens, first of which is expected to be launched during the first half of 2014. The products, whose range may be further expanded in the future, will be sold under dual branding: LiuGong Metso. The joint venture will also promote Metso's global track-mounted crushing and screening equipment in China. The value of the investment made in the new company will not be disclosed.
"The joint venture enables the capture of a significant market share of the fast growing mobile crushing and screening market in China. Our target is to build a market driven technology offering and the joint venture with LiuGong is a major step towards this direction. Together with the acquisitions of the steel foundry in Quzhou City and Shaorui Heavy Industries Ltd., announced last year, the joint venture significantly strengthen our supply capabilities for mining and construction industries in China." states João Ney Colagrossi, President, Mining and Construction, Metso.
Today, Metso has a strong and well-established presence in China. Metso's over 1,500 employees in China address local customer needs in all Metso's key customer industries, and support the sustainable development of China's industries and infrastructure.
Founded in 1958 in Liuzhou, China, LiuGong Group Corp. Ltd. (LiuGong) is the largest wheel loader manufacturer in the world. LiuGong offers a full line of machines, including wheel loaders, bulldozers, backhoes, skid steers, forklifts, graders, excavators, rollers, truck-mounted cranes, pavers and cold planners. The company owns facilities in, among other locations, Liuzhou, Tianjin, Shanghai, Changzhou, Zhenjiang, Jiangyin and Bengbu.
Metso's mining and construction professionals specialize in always bringing the right technology, processes, machinery and services to our customers in aggregates production, construction, mining and minerals processing.
Metso is a leading process performance provider, with customers in the mining, construction, and oil & gas industries. Metso is also known for its advanced automation solutions for pulp, paper and power generation. Our focus is on the continuous development of intelligent solutions that improve sustainability and profitability. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd. Metso employs around 16,000 professionals in 50 countries. Expect results.
www.metso.com (http://www.metso.com/), www.twitter.com/metsogroup (http://www.twitter.com/metsogroup)
For further information, please contact:
João Ney Colagrossi, President, Mining and Construction, Metso, tel: +55 (15) 9974 10134; e-mail: joao.colagrossi(at)metso.com
Tommi Lehtonen, SVP, Mobile Equipment, Crushing and Screening Equipment business line, Mining and Construction, Metso, tel. +358 40 724 9143; e-mail: tommi.lehtonen(at)metso.com
Xiaofeng Liang, SVP China, Mining and Construction, Metso, tel. +86 13801288953; email: xiaofeng.liang(at)metso.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Metso Corporation via Globenewswire
