Column: China’s run of robust thermal coal imports may ease
One of the standout commodity stories so far this year has been China's demand for thermal coal, with the world's largest importer seeing record shipments.
Sweden’s Sandvik said on Tuesday it has agreed to buy a majority stake in China-based Suzhou Ahno Precision Cutting Tool Technology.
Sandvik, which already owns a 12.4% stake in the company, said in a statement it will through the deal raise its stake to 72.4%, and that the enterprise value for the acquired stake is 189 million euros ($202 million).
The impact on Sandvik’s earnings per share, excluding non-cash amortization effects from business combinations, will be positive, it said.
Sandvik is buying the stake from current majority owner Ningbo Baosi Energy Equipment and related parties.
($1 = 0.9374 euros)
(By Anna Ringstrom; Editing by Stine Jacobsen)
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