Shanghai Electric (Group) Corporation (SEC) and the shareholders of Goss International Corporation, including majority shareholder MatlinPatterson Global Opportunities Partners, have reached an agreement for manufacturing conglomerate to become the second largest shareholder of Goss International.
This 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 successful, 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). The joint venture company was established in 1993 and produces several Goss web press models for the global market.
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, mechanical and electronic systems, heavy machine tools, transportation equipment, environmental protection equipment, automatic instrumentation, and refrigerating compressors among many others.