Sandvik in strategic cooperation with Zhuzhou Group
Sandvik AB, Sandviken, Sweden, has signed a letter of intent with Zhuzhou Cemented Carbide Group Co. Ltd. to form a joint venture for strategic cooperation. The Zhuzhou Group, located in Zhuzhou, China, is a manufacturer of cemented carbide and its compatible tools. It also offers smelting services for tungsten, molybdenum, tantalum, niobium, and cobalt.
The companies intend to establish a joint venture based on the existing manufacturing facilities of Zhuzhou Group. The products will be sold and marketed in and outside China.