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Siemens to make mill in China

WORCESTER - Siemens VAI Metal Technologies has won a contract to make a new wire rod mill for Weiyuan Iron & Steel Co. in China's Sichuan province.

The new mill will allow the Chinese company to increase production by 650,000 tons a year, Siemens said in a news release today. The equipment, built in collaboration with CISDI Engineering Co., will be designed to reach a speed of 112 meters per second.

The project is expected to start next spring. Financial terms were not disclosed.

European conglomerate Siemens has its long rolling business in Worcester.

- Priyanka Dayal McCluskey

$2.5M stock offering

GARDNER - Medical instruments maker Precision Optics Corp. plans to raise $2.5 million in a stock offering this week.

The company said institutional and accredited investors have agreed to buy millions of shares of its common stock. The deal is expected to close Friday.

Proceeds will help Precision Optics with general expenses, including start-up costs associated with recent orders for new products, the company said.

Precision Optics makes endoscopes and other optical devices. It received a $1 million order for endoscopes earlier this year.

- Priyanka Dayal McCluskey
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Title Annotation:BUSINESS
Publication:Telegram & Gazette (Worcester, MA)
Geographic Code:9CHIN
Date:Sep 27, 2012
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