FLSmidth and Northern Heavy Industries Group Co., Ltd (NHI Group), based in Shenyang, China, 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 joint venture will be established with its own board of directors and management under the name NHI-Fuller (Shenyang) Mining Co., Ltd (NHI-Fuller), which 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 the first quarter of 2017.
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 brand name.
While the initial focus will be to supply crushing products, the goal of the joint venture will be to become 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.
Adapted from press release by Joseph Green
Read the article online at: https://www.worldcement.com/asia-pacific-rim/27092016/flsmidth-chinese-mining-equipment-supplier-sign-joint-venture-agreement-336/