Shanghai Electric is set to become the second largest shareholder of Goss International by acquiring newly issued shares of the printing equipment supplier’s international preferred stock. The transaction is currently under governmental review for final approval and is subject to other customary conditions to closing.
Shanghai Electric and Goss International have a longstanding relationship through Shanghai Goss Graphic Systems, a joint venture company of Goss International and the SEC subsidiary Shanghai Electric Printing and Packaging Machinery Group (SPPM).Chen Daxiong, chairman of SPPM says, “The Goss International organisation delivers products with superior levels of innovation and value to printers and publishers throughout the world.”
He continues, “We are committed to continuing this mission and investing resources to enhance Goss International's current market and technology leadership positions. We have been working together successfully for many years and are excited about the opportunity to increase our involvement in the business.”
Meanwhile, Jochen Meissner, CEO of Goss International says, “The investment in Goss will bring additional strength and financial resources to our business. This will further enhance our ability to innovate, execute and deliver value to customers through a worldwide platform that includes operations in Asia, Europe and the US.”
Goss reported that it generated more than $3.3bn in sales in the three-year period from 2006 to 2008.
