Yahoo Finance FLSmidth and Chinese mining equipment supplier sign joint venture agreement
PRESS RELEASE. COPENHAGEN, DENMARK FLSmidth enters into a joint venture with the NHI Group, one of China`s leading heavy machinery manufacturers.
FLSmidth and Northern Heavy Industries Group Co., Ltd (NHI Group), based in Shenyang, China, have signed an agreement to enter into a joint venture - with an equal amount of shares - for the design and supply of mining equipment targeting the mid-market segment.
The joint venture will be established with its own board of directors and management under the name NHI-Fuller (Shenyang) Mining Co., Ltd (NHI-Fuller), which will financially report results as part of the Minerals Division in FLSmidth. Subject to obtaining regulatory approval, it is anticipated that NHI-Fuller will be operational in the first quarter of 2017.
The NHI-Fuller products will be designed for the specific needs of mid-market or CAPEX sensitive customers in the mining industry and will be marketed under the NHI-Fuller brand name.
While the initial focus will be to supply crushing products, the goal of the joint venture will be to become the leading mid-market mining equipment supplier for other product lines as well.
"In 2014, we announced that part of our strategy in the Minerals Division was to enter the expanding mid-market for mining equipment. With the NHI Group, we have now found a perfect industrial partner for this quest," says Group Executive Vice President of the Minerals Division in FLSmidth, Manfred Schaffer.
###
MEDIA CONTACTS | ||
Global | USA | |
Northern Heavy Industries Group Co., Ltd. is a wholly state-owned company. The main products are tunnel-engineering, power plant equipment, building material, metallurgy, mining, port, environmental protection, forging, fracturing equipment, coal machinery and transmission machinery. The NHI Group employs more than 10,000 people and is among China`s leading heavy machinery manufacturers. Its products are sold to more than 30 countries worldwide. Read more at www.china-sz.com
FLSmidth is the market-leading supplier of productivity to the global mining and cement industries. Headquartered in Copenhagen, Denmark, and with offices in more than 50 countries, FLSmidth delivers engineering, equipment and service solutions to customers worldwide.
Productivity, sustainability, and quality are focus areas for the 13,000 employees in FLSmidth. The company generated revenue of DKK 20 billion in 2015. Read more at www.flsmidth.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FLSmidth via GlobeNewswire
HUG#2044507
