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Ruukki buys majority stake in Hungary’s Aprítógépgyár

Rautaruukki (Ruukki) said it has acquired a majority holding in Aprítógépgyár Zrt (AGJ), a Hungarian firm specializing in parts for heavy machinery.

The transaction is expected to be closed during May. AGJ’s core business is the manufacture of components, such as booms, for use in earth-moving machinery and materials handling equipment; and production of heavy machinery. The company has three units located in Jászberény and Hatvan in north-east Hungary. AGJ’s net sales in 2006 were around €43 million.

Most of the net sales come from exports to leading Western European customers. AGJ has about 740 employees. „Acquisition of AGJ supports implementation of our growth strategy in the lifting, handling and transportation equipment (LHT) customer segment. The acquisition will also benefit us in the form of new customers and business potential, as well as add to our manufacturing network in Central Eastern Europe,” says Markku Koljonen, President, Ruukki Engineering. (rautaruukki.ir.hex.fi)