Published: 06 April 2018

The Industrial Development Corporation (IDC) has sold its 15 percent stake in Scaw Metals Group's Grinding Media, South Africa, to a United States of America firm, Magotteaux International as it seeks to cut spiralling losses.

Scaw Metals owns Haggie Rand in Zimbabwe. Haggie Rand is one of the oldest companies in Zimbabwe having been established in 1921 to produce and supply wire ropes in Southern Africa.

The company has factories in South Africa, Zimbabwe and Zambia producing high carbon wire and strand, steel wire ropes, fibre products and twines. Because of regulatory processes in Zimbabwe, the transaction has since been approved by the local Competition and Tariff Commission.
- Business Weekly

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