Swedish high-technology engineering and steelmaking group Sandvik has announced that it has reached an agreement with Shanghai, China-based crushing and screening equipment supplier Shanghai Jianshe Luqiao Machinery Co. Ltd (SJL) to acquire 80 percent of the equity interest in the company.
According to a Sandvik statement, the acquisition is expected to be completed within six to nine months, following customary regulatory approvals.
Sandvik said that SJL, with 1,200 employees, two manufacturing facilities in Shanghai, a China-wide distribution network and SEK 1 billion ($146 million) in expected revenues in 2010, is active in the design and manufacture of crushing and screening equipment for China's mining and construction industries, and also has a foothold in the international market for competitive and cost-effective crushing and screening solutions.
"This acquisition is in line with Sandvik's long-term strategy of continued profitable growth and our aim is to become a leading supplier of crushing and screening solutions to the Chinese and international markets," said Lars Josefsson, president of Sandvik Mining and Construction.