FLSmidth and Northern Heavy Industries Group Co. Ltd have signed an agreement to enter into a joint venture, with an equal amount of shares, for the design and supply of mining equipment targeting the mid-market segment.
The JV will be established with its own Board of Directors and management under the name NHI-Fuller Mining Co. It will financially report results as part of the Minerals Division in FLSmidth. Subject to obtaining regulatory approval, it is anticipated that NHI-Fuller will be operational in 1Q17.
The NHI-Fuller products will be designed for the specific needs of mid-market or CAPEX sensitive customers in the mining industry and will be marketed under the NHI-Fuller name. The initial focus will be on supplying crushing products, with the goal of later becoming the leading mid-market mining equipment supplier for other product lines as well.
"In 2014, we announced that part of our strategy in the Minerals Division was to enter the expanding mid-market for mining equipment. With the NHI Group, we have now found a perfect industrial partner for this quest," says Group Executive Vice President of the Minerals Division in FLSmidth, Manfred Schaffer.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/10102016/flsmidth-and-nhi-group-sign-joint-venture/