On 25th August 4-traders.com quoted Sinocast as confirming that Shanghai Prime Machinery (SPM) has completed its takeover of Koninklijke Nedschroef Holding B.V for approximately CNY 2 billion (246.9 million euros).

The report noted that SPM recorded profits of CNY 67 million last year compared with Nedschroef’s CNY 108 million equivalent. SPM estimates that combined operating incomes will amount to CNY 7.81 billion and net profits CNY 109 million after consolidation.

Previously SPM had reported its first half 2014 profits were down 21% year-on-year at CNY 37.6 million on sales of CNY 1.68 billion (0.6% down year-on-year). SPM also notified its intentions to dispose of Shanghai Dalong Machinery Works Company, a manufacturer of air compressor systems and pumps.