China Minmetals Non-ferrous Metals Co. Ltd. (CMN) has bought HPTec, Germany’s leading manufacturer of drills and cutters.
China Minmetals Non-ferrous Metals Co. Ltd. (CMN) is a subsidiary under the country’s metal and mineral giant China Minmetal Corp. (CMC), one of China’s leading importers and exporters of metals and minerals. As one of the Fortune 500, CMC’s operating revenue was $21.8 billion in 2007, with profits topping 7.1 billion yuan ($1.02 billion).
HPTec is founded in 1977 and has branches in Singapore, the Republic of Korea and China.
CMN said this move is to update its tungsten sector and it will have a 100% control of the Ravensburg-based company, the biggest European producer of printed circuit board (PCB)-use microcutting tools.
The acquisition is part of CMC’s strategy since 2002 to shift its business focus from metal trading to production.