Shanghai Electric (Group) Corp. (SEC) and the shareholders of Goss International Corp., including majority shareholder MatlinPatterson Global Opportunities Partners, have reached an agreement for the utility and equipment manufacturing conglomerate to become the second largest shareholder of the printing equipment supplier by acquiring newly issued shares of Goss International preferred stock. This transaction is currently under governmental review for final approval and is subject to other customary conditions to closing.
Goss International announces that after 44 years of service, its president Richard (Dick) J. Sutis will retire on July 31, 2009. Sutis will retain his positions as vice chairman of the Board of Directors of Shanghai Goss Graphic Systems, a joint-venture of Goss International and Shanghai Electric Group in China, as well as a member of the Board of Directors of Goss Graphics Systems Japan Corporation.
BOLINGBROOK, IL—November 10, 2008—Goss International’s successful efforts to reduce the environmental impact of its two manufacturing sites in the United States were recognized by state and national programs in September.