GF group has sold its iron casting located in herzogenberg, Austria, to MRB , with the aim to execute the acquisition. The foundry has about 250 employees and annual sales of about $75.25 million.
“Together with our employees, we look forward to the further development of the factory in herzogenborg,” Rosenthal , one of the GF senior managements said.
The deal came into effect on September 30, 2019, and although no sale value was reported, GF foundry noted that it had provided the buyer with a loan of approximately $12 million to fund the purchase.
The sale highlight lightweight initiatives in the major casting markets, including automotive and aerospace.
“This divestment is a part of our Strategy of 2020. We are pleased to divest our factory to an experienced management team with comprehensive foundry and industry knowledge. In addition, the focus of this transaction is to maintain the continuity of customers and employees. ” said the chief executive of GF Foundry Group.
GF Foundry Group continues to produce ductile iron parts for automobiles and commercial vehicles in Kunshan, China.
WELCOME TO CONTACT US IF THERE IS ANY PROJECT OF CASTING PART
WWW.BONLYCASTING.COM/BONLYCASTING@OUTLOOK.COM
To Wang Lun(classical chinese poetry)
I, Li Bai, sit aboard a ship about to go
When suddenly on shore your farewell songs o’erflow.
However deep the Lake of Peach Blossom may be,
It’s not so deep as as your friendship for me!
Post time: Apr-14-2020