Goss to get financial boost from Shanghai interest

Shanghai Electric Group and the shareholders of Goss International have agreed that Shanghai Electric becomes the second largest shareholder of the printing equipment supplier.

Goss said that Shanghai Electric Group is acquiring newly issued shares of Goss's preferred stock.

The transaction is currently under governmental review for final approval and is subject to other customary conditions to closing.

The terms of the transaction have not been disclosed.

Goss said that it has a long standing relationship with Shanghai Electric through Shanghai Goss Graphic Systems, a joint venture company of Goss 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.

Chief executive officer at Goss, Jochen Meissner, said: 'Shanghai Electric has an industrial focus, a global outlook and a strong commitment to the print sector.

The investment in Goss will bring additional strength and financial resources to our business.

Shanghai Electric is one of the largest equipment manufacturing groups in China and controls a number of domestic and overseas listed companies, including Shanghai Electric Group Company, Shanghai Mechanical and Electrical, Shanghai Highly, Shanghai Automation Instrumentation and Shanghai Prime Machinery.

Through its listed subsidiaries, SEC operates in power generation and transmission, mechanical and electronic systems, heavy machine tools, transportation equipment, environmental protection equipment, automatic instrumentation, and refrigerating compressors, as well as printing.

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