STOCKHOLM -(Dow Jones)- Swedish private equity fund EQT Greater China II Monday said it has acquired a 30% stake in Chinese aluminum die casting manufacturer Modern Metals & Precision Holdings Ltd. through a new share issue.
The new funds will be used to expand current production and to establish a new plant in China, EQT said.
The company's co-founders, Duen Fung and C.T. Fung, will remain majority owners with a 70% stake after the share issue by the Chinese company.
Financial details weren't immediately available.
Established in 1969, Modern Metal & Precision Holding supplies highly- engineered aluminum die casting products to the global automotive, climate control and industrial automation markets in the U.S., Europe and Asia. It currently operates two plants in Dongguan, China, and is planning to build a new plant in China. Modern Metal had sales of approximately $75 million in the financial year that ended March 31, 2010.
EQT is partly owned by Swedish investment firm Investor AB (IVSBY).
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