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AGY acquires controlling interest in Chinese yarn manufacturer
AGY, a US producer of glass fibre yarns and reinforcements, has acquired a 70% controlling interest in the Shanghai, China, based yarn manufacturing business of Grace THW Group.
The AGY managed facility has capacity to produce in excess of 18 000 tonnes.
Grace THW remains a 30% shareholder in the venture and AGY has the option and intent to buy the remaining shares from Grace THW in the near future.
“We see significant opportunities in the Asia Pacific region for expanding our revenues and earnings over the long-term as a number of markets we serve, such as electronics, aerospace and wind energy are expected to grow rapidly in the region,” says Doug Mattscheck, CEO of AGY, Aiken, South Carolina, USA. “We are taking advantage of these growth opportunities through the purchase of AGY Shanghai Technology Co Ltd.”
"Many of our fabric customers want a strategic partnership with a high quality independent yarn supplier who can provide them with a strong base of local support and manufacturing, and that’s exactly what we can provide them,” adds Mattscheck. “We are currently building our sales, marketing and customer service teams to capitalise on the region’s significant growth opportunities.” |
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发表于 2009-6-16 22:41:40
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