Jiangsu Province-based Chinese major steelmaker CITIC Pacific Special Steel announced that its wholly-owned subsidiary Tefu Kechuang Special Steel (Shanghai) Co., Ltd. (Tefu Kechuang) plans to acquire 100 percent equity in Prosperity Kingsfield Limited from Guangzhou Konggang at RMB 1.51 billion ($0.21 billion) via its own funds.
After the acquisition, Tefu Kechuang will rapidly absorb Prosperity Kingsfield Limited’s controlling company Stemcor’s mature expertise and core technologies in overseas supply-chain management, global brand marketing, and local customer service, thereby strengthening its own overseas operations. Stemcor was formed in London in 1951 and is a leading independently run service provider for the steel industry.