China Minmetals Non-ferrous Metals Co Ltd, a subsidiary under the country's metal and mineral titan China Minmetals Corp (CMC), has bought HPTec, Germany's leading manufacturer of drills and cutters for an unspecified price, CMC told Xinhua on Tuesday.
China Minmetals Non-ferrous said this move is to update its tungsten sector and it will have a 100 percent control of the Ravensburg-based company, the biggest European producer of printed circuit board-use micro cutting tools.
Founded in 1977, HPTec has branches in Singapore, the Republic of Korea and China.
The acquisition is part of CMC's strategy since 2002 to transform its business focus from metal trading to production.
State-owned CMC is one of China's major importers and exporters of metals and minerals. As a Fortune 500 member, the corporation's operating revenue was $21.8 billion in 2007, with profits topping 7.1 billion yuan ($1.02 billion).
(Xinhua News Agency May 7, 2008)
