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Sandvik AB to form joint venture with Zhuzhou Group

Tuesday, 17 Jun 2014 06:00am EDT 

Sandvik AB:Signs a letter of intent with Zhuzhou Cemented Carbide Group Co., Ltd. (Zhuzhou Group) to form a joint venture for strategic cooperation.The Zhuzhou Group is a domestic manufacturer in China of cemented carbide and its compatible tools.It also offers smelting services for tungsten, molybdenum, tantalum, niobium and cobalt.Sandvik and Zhuzhou Group intend to establish a joint venture based on the existing manufacturing facilities of Zhuzhou Group in China.The products will be sold and marketed in and outside China.Based on the strength of Sandvik Machining Solutions and the position of Zhuzhou Group, the ambition is to drive profitable growth and capture market shares in the fast-growing mid-market segment. 

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