Sandvik Plans Metal-Cutting JV With China's Zhuzhou
17 June 2014 - 9:05PM
Dow Jones News
STOCKHOLM--Swedish engineering group Sandvik AB (SAND.SK)
Tuesday said its negotiating the start of a joint venture with
Zhuzhou Cemented Carbide Group Co. Ltd. to sell and market the
Chinese company's products outside China.
Zhuzhou is China's largest domestic maker of cemented carbide
and offers smelting services for materials like tungsten and
cobalt.
The ambition of the joint venture is to capture market share in
the fast-growing mid-market segment for metal-cutting tools, and
strengthen Sandvik's position in China, the Swedish company said.
It added that the parties haven't yet entered any binding
obligations to enter a definitive agreement.
Sandvik shares traded 0.3% lower at SEK92.15 in Stockholm noon
trading.
Write to Sven Grundberg at sven.grundberg@wsj.com; Twitter:
@svengrundberg
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