Chino-Swiss joint venture Chinaust expands in China

The Chinaust Group, a 50/50 joint venture between GF Piping Systems and Lingyun Industrial Co., announced that, within a larger acquisition program, Lingyun Jingran Gas Valve Co. Ltd has been acquired.
The acquisition contribute to GF’s further expansion in China, a key market for all GF divisions to generate further growth.
Lingyun Jingran Gas Valve Co. Ltd specializes on polyethylene ball valves for gas distribution networks. Together, they generated sales of around €18 million in 2015 with a total workforce of approximately 200 employees. The privately-owned company is 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.