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Jul 1, 2009 12:00 AM
Shanghai Electric (Group) Corp. and the shareholders of Goss Intl. Corp. (Bolingbrook, IL), including majority shareholder MatlinPatterson Global Opportunities Partners, have reached an agreement for the utility and equipment manufacturing conglomerate to become the second largest shareholder of the printing equipment supplier by acquiring newly issued shares of Goss Intl. preferred stock. This transaction is currently under governmental review for final approval and is subject to other customary conditions to closing.
Terms of the transaction have not been disclosed.
Shanghai Electric and Goss have a longstanding relationship through Shanghai Goss Graphic Systems, a joint venture company of Goss Intl. and the Shanghai Electric subsidiary Shanghai Electric Printing and Packaging Machinery Group (SPPM). The joint venture company was established in 1993 and produces several Goss web press models for the global market.
Goss Intl. president Richard (Dick) J. Sutis retires this month after 44 years of service. Sutis will retain his positions as vice chairman of the Shanghai Goss Graphic Systems board of directors and as member of the board of directors of Goss Graphics Systems Japan Corp.
The first Goss Sunday 5000 press has begun printing on schedule at Grafiche Mazzucchelli in Seriate, near Milan, Italy. The new 2860-mm (112-inch) width commercial web offset press prints 96 full A4 magazine pages per cylinder revolution at up to 40,000 iph. Comprising four units with Goss DigiRail digital inking, the press is equipped with a Goss Contiweb FD paster, an Ecocool dryer with integrated chill rolls and the Goss Autoplate fully automatic plate changing system. See www.gossinternational.com.