Shanghai Electric lights up Goss International

Sparks fly as Shanghai Electric looks set to become the second largest shareholder of Goss International Corporation.

Goss International, the supplier of web offset presses and finishing systems for newspaper, magazine, catalogue, direct mail and other printing applications, is currently waiting for final approval for the transaction, which is under governmental review and subject to other customary conditions to closing.

Shanghai Electric and Goss International have shared a long-term relationship through join venture company, Shanghai Goss Graphic Systems, which was established in 1993 and produces Goss web press models for the global market. Terms of the new transaction have not been disclosed.

According to Jochen Meissner, CEO of Goss International, increasing Shanghai Electric’s presence will give the company the power and flexibility to reach customers. “The investment in Goss International will bring additional strength and financial resources to our business,” he said. “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.”

Chen Daxiong, chairman of SPPM, believes that investing financial resources will enhance Goss International’s market and technology positions. “We have been working together successfully for many years and are excited about the opportunity to increase our involvement in the business,” he said.

Goss International reported that it made $3.3 billion in sales from 2006 to 2008.