Finnish steelmaker Rautaruukki Corporation has received the approval of the competition authorities for the purchase of Hungarian company Aprítógépgyár Zrt (AGJ).
On April 23, 2007, Rautaruukki announced that it had inked an agreement to acquire a majority holding in AGJ; however, the closing of the agreement was subject to approval of the competition authorities.
Now that the necessary approval has been granted, the transaction is expected to be closed by the end of May 2007.
AGJ's core business is the manufacture of components, such as booms, for use in earthmoving machinery and materials handling equipment, and the production of heavy machinery.