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Ryerson to establish joint venture in China
- September 11, 2006
- News Release
- Metals/Materials
Ryerson Inc. today announced the signing of a definitive agreement with Van Shung Chong Holdings Limited ("VSC"), a Hong Kong Stock Exchange listed company, and its subsidiary, CAMP BVI, to form a joint venture company, VSC Ryerson China Limited.
VSC will own 60 percent of the joint venture at inception and will contribute to the new joint venture its existing China metals service center network, which generated revenues of $140 million for the fiscal year ended March 31, 2006. Ryerson will contribute approximately $28.5 million in cash for its initial interest of 40 percent. The joint venture will use this cash to fund planned expansions to the service center network and its capabilities, in part to support Ryerson's U.S.-based customers operating in China.
VSC Ryerson China Limited will be headquartered in Hong Kong and has processing and service center operations in Guangzhou, Dongguan, Kunshan, and Tianjin; a minority interest in a processing facility in Nansha; and sales offices in Beijing, Shanghai, Wuxi, and Shenzen. The transaction is expected to close during the fourth quarter of 2006, subject to customary closing conditions, purchase price adjustments and regulatory approval.
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