Shanghai Electric becomes second largest shareholder of Goss International
Tuesday, September 29, 2009
Press release from the issuing company
Shanghai Electric (Group) Corporation (SEC) became the second largest shareholder in Goss International Corporation today, completing a transaction initiated in June.
"Shanghai Electric has substantial resources and is focused on world-class industrial equipment manufacturing," explains Jochen Meissner, CEO of Goss International. "Their investment should send a strong signal to printers and publishers regarding our strength, stability and long-term capacity to deliver value. We look forward to new opportunities to innovate and execute together through our unique worldwide platform that will include significant manufacturing operations in America, Asia and Europe."
Shanghai Electric (Group) Corporation is one of the largest equipment manufacturing groups in China. Through its listed subsidiaries, SEC operates in the industries of power generation and transmission, electromechanical equipment, heavy machine tools, transportation equipment, environmental protection systems, automatic instrumentation, and refrigerating compressors, among many others.
SEC subsidiary Shanghai Printing and Packaging Machinery (SPPM) manufactures a wide range of printing press and finishing equipment. SPPM has a successful, longstanding relationship with Goss International through Shanghai Goss Graphic Systems, a joint-venture operation that has produced several Goss web offset press models in China for the global market since 1993.
Goss International supplies web offset presses and finishing systems for newspaper, magazine, catalog, direct mail and other printing applications. The company has manufacturing operations in The United States, The Netherlands, France, Japan and China and a worldwide sales and support network. MatlinPatterson Global Opportunities Partners remains the majority shareholder in Goss International.