On April 10, upon the signing of M&A agreement at Fairmont Hotel in Kunshan, OSK was officially acquired by SECO from Sweden. Guests witnessing the signing ceremony included Fredrik Vejgården, CEO of SECO, Jean-Francois Martins, General Manager of SECO China, Johan Lahiri, Director of Strategic Cooperation of SECO, Liu Mingyu, General Manager of OSK, Li Hui, Vice Mayor of Kunshan, and officials from Bacheng Town.
Li Hui, Vice Mayor of Kunshan, said that the acquisition of OSK by SECO represented as much a good start for win-win cooperation as a trail-blazing attempt of Kunshan’s companies to achieve high-quality development. In the future, building a national first-class sci-tech innovation center will still be the main focus of the city’s agenda. Kunshan will open wider to projects with strong innovation ability and low energy consumption, embracing the opportunity brought by the integrated development of the Yangtze River Delta. The city will step up efforts to foster an enabling environment up to international and the World Bank standards while tailored to the specific context of China and Kunshan by using well the tool of FinTech, streamlining administration, and improving services to attract and energize innovative entities.
Founded in 2006, OSK was specialized in the production and sales of cutting tools such as tungsten carbide drills, reamers, and milling cutters. In November, 2018, SECO, one of the global four largest manufactures of carbide tools, signed the M&A agreement with shareholders of OSK, a 100% tender offer. SECO planned to develop OSK into a production and R&D base in Asia-Pacific region as well as its first R&D center in China.