Wire rope manufacturer Bridon, has secured a majority shareholding in Tianjin Golik Ltd., China’s leading producer of elevator ropes based near Beijing, in a deal worth US$1.6million.

The new company will trade as Bridon Tianjin Rope Ltd. and, from the outset, will add a further 8,000t of specialist wire rope manufacturing per annum to Bridon’s global operations.’

‘This is a key strategic acquisition,’ said Bridon’s managing director, Steve Rutherford. ‘The industrial and construction industries in China have experienced an 8% growth over recent years and the figure is predicted to rise further still. With significant investment from Bridon, the Tianjin plant will be ideally placed to capture a greater percentage of this rapidly expanding market.’

The plant’s existing management team and 256 local employees will remain in place.