Shanghai Exercises Ownership Option of Goss

SHANGHAI, CHINA—Shanghai Electric (SEG) will acquire 100 percent ownership of Goss International next month, exercising an option established when it became a shareholder in the company last September. Goss International President and CEO Jochen Meissner says his organization and SEG share an international outlook and a focus on working with customers to realize innovative, technology-driven solutions.

"Our ownership structure is solid, and our vision is clear," Meissner remarked in a statement. "We have confidence in our ongoing ability to innovate, to execute projects large and small, and to provide excellent customer support."

Shanghai Electric subsidiary companies operate in a wide variety of sectors, including power generation and transmission, electromechanical equipment, heavy machine tools, transportation equipment, environmental protection systems and automatic instrumentation. SEG's printing and packaging machinery companies produce Akiyama, Purlux, Guanghua, Yawa, Shen Wei Da and Feida press, finishing and auxiliary components for the worldwide market. A joint venture established in China has also produced several Goss web press models since 1993.

Shanghai Electric Chairman Xu Jianguo noted that full ownership of Goss International will create opportunities for Goss and Shanghai Electric companies to pursue joint product development initiatives, integrate and enhance sales and support capabilities in some regions, and optimize manufacturing operations throughout America, Asia and Europe.