By: Meg Campbell Chinese utility and equipment manufacturer Shanghai Electric Group has reached an agreement with Goss shareholders, including majority shareholder Matlin Patterson Global Opportunities Partners, to acquire newly issued shares of Goss International preferred stock and become the company's second-largest shareholder.
Matlin Patterson currently holds 85% of Goss shares. Heidelberg holds the bulk of the remaining 15%, the result of the company's acquisition by Goss in 2004. Goss has not disclosed terms of the Shanghai transaction, which is currently under governmental review.
Shanghai Electric subsidiary Shanghai Electric Printing and Packaging Machinery Group and press manufacturer Goss International have operated a joint venture company, Shanghai Goss Graphic Systems, since 1993.
"Shanghai Electric has an industrial focus, a global outlook and a strong commitment to the print sector," Goss International CEO Jochen Meissner said in a release. "The investment in Goss International 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 unique, worldwide manufacturing and support platform that includes operations in Asia, Europe and the United States."
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