Finnish steelmaker Rautaruukki Corporation today concluded the acquisition deal for an 80.7 percent stake in the Hungarian company Aprítógépgyár Zrt (AGJ).
As previously reported by SteelOrbis, the Finnish steelmaker early this month received the approval of the competition authorities for the purchase of a majority holding in AGJ.
AGJ's core business is the manufacture of components, such as booms, for use in earthmoving machinery and materials handling equipment, and also the production of heavy machinery.
Commenting on the purchase, Ruukki Engineering president Markku Koljonen said, "Acquisition of AGJ supports implementation of our growth strategy in the lifting, handling and transportation equipment (LHT) customer segment. The acquisition will also benefit us in the form of new customers and business potential, as well as add to our manufacturing network in Central Eastern Europe."