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August 19, 2016

Chinaust Group acquires two Chinese companies

Chinaust Group, a 50/50 joint venture between GF Piping Systems and Lingyun Industrial, has acquired two Chinese companies: Shuchang Auto Part and Lingyun Jingran Gas Valve.

Chinaust Group, a 50/50 joint venture between GF Piping Systems and Lingyun Industrial, has acquired two Chinese companies: Shuchang Auto Part and Lingyun Jingran Gas Valve.

Both purchases contribute to GF’s further expansion in China, a key market for all GF divisions to generate further growth.

Shuchang Auto Part manufactures quick connectors for automotive fuel lines, while Lingyun Jingran Gas Valve specialises in polyethylene ball valves for gas distribution networks.

Together, they generated sales of around CHF20m (US$20.1m) last year with a workforce of around 200 employees.

The privately-owned companies are located in Langfang, in the province of Hebei.

 Closing is anticipated within the next two months and is subject to the approval of the relevant Chinese authorities. The parties have agreed not to disclose financial details of the transaction.

GF has been present in China since 1993 and has 21 companies in the country, including 14 production facilities, employing around 3,150 people.

In 2012, the Chinaust Group became the largest company in GF.

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