Masan subsidiary completes acquisition of German tungsten operation

Tuoi Tre News | Bao Anh Thursday | 06/11/2020 17:06

An aerial view of a Masan Resources Corporation’s production facility in Vietnam is seen in this file photo. Photo: Tuoi Tre

A wholly-owned subsidiary of Vietnam’s Masan Resources Corporation (MSR) has completed the legal procedures to acquire the tungsten arm of a German high-tech tungsten carbide and powder manufacturer.

The finalization of the deal between MSR’ Masan Tungsten Company Ltd. and the Munich-headquartered H.C. Starck Group GmbH was announced on Wednesday, one year after an agreement had been reached by the two sides.

An MSR representative said that the transaction is a strategic step in executing the corporation’s vision of becoming a leading global vertically-integrated high-tech industrial materials platform.

The deal will also enable the company to expand its addressable market by 3.5 times, from US$1.3 billion to $4.6 billion, the representative said.

The transaction aims to create a global high-tech industrial company of scale in Vietnam and, more importantly, enhance the country’s competitive edge in the global tungsten market.

It will also offer the local workforce an opportunity to develop engineering skills in the high-tech manufacturing space as part of MSR’s globalization plan.

MSR, owned by Masan Group Corporation — one of Vietnam’s three largest private sector in terms of market capitalization — operates in the mining industry, mainly engaging in the quarrying, beneficiating and wholesaling of minerals, such as wolfram, copper and bismuth, as well as fluorite.

Meanwhile, Starck has production facilities in Europe, North America, and China, and customers across the globe, as well as ownership of 105 patents and patent applications and other intellectual property to manufacture innovative products such as ultrafine-sized tungsten compounds.

Source: Tuoi Tre News

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