ERJ staff report (DS)
Komarov, Czech Republic - CGS group sold its 100 percent share in machinery maker Buzuluk a.s. to Dalian Rubber & Plastics Machinery and Tianjin Machinery Import & Export Corporation.
CGS group sold the company in order to develop its core business, which is the manufacturing and sale of off-road tyres and technical rubber. â€œWe are happy to find strategic partners who will allow Buzuluk to develop,â€ said CGS spokeswoman Vera Bechynova.
Shaoning Luo, chairman of the board of Dalian Rubber & Plastics Machinery, added, â€œWe intend to utilise the location of the Czech Republic and the tradition of machinery manufacturing in Komarov. First, we will implement new technologies and develop production, research and development of rubber industry machinery and piston rings. We will also utilise the sales base of Buzuluk to introduce our machinery to the European market.â€ Representatives of new shareholders confirmed they would retain the Czech management and workers.
CGS and the new owners decided to continue close cooperation especially in rubber industry machinery.
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Press release from CGS