Downstream weekly recap: Craftsman buys 76% share in DR Axion India at INR 3.75 billion; Xingfa Aluminium acquires 4% stake in Guangdong Province Trading

This week noted some crucial developments in the aluminium downstream industry, from Craftsman Automation Ltd.’s investment announcement of INR 3.75 billion to purchase a 76 per cent share in DR Axion India Pvt to Kaiser Aluminium’s 2021 Sustainability Report. Besides, Romanian aluminium components manufacturer Altur declared that it authorised the filing of insolvency proceedings and intended to restructure the company’s operations. Also, Xingfa Aluminium Holdings purchased a 4 per cent stake in Chinese service provider Guangdong Province Trading Development.

According to a report last week, Craftsman Automation Ltd., a leading aluminium components producer from India, declared an investment of INR 3.75 billion to purchase a 76 per cent share in DR Axion India Pvt, another aluminium automotive parts-making firm in Tamil Nadu. That was revealed in an exchange filling, with the hope of positive results.

To know more: https://www.alcircle.com/news/craftsman-allots-inr-3-75-billion-for-76-share-in-car-component-maker-dr-axion-88634

Last week, Tennessee-based Kaiser Aluminium posted 2021 Sustainability Report, vividly elaborating environmental, social, and governance programming policy. The report reflected upon Kaiser Aluminium’s persistent efforts to enlarge its operations in an authoritative way.

The company recently expanded environmental protocols at its Warrick and Trentwood mills, making good use of the company’s ESG committee.  In the same way, it arranged for better social disclosure and gave a satisfactory safety performance all throughout the year. 

To know more: https://www.alcircle.com/news/kaiser-aluminium-releases-2021-sustainability-report-mapping-the-companys-development-88595

The Romania-based aluminium components manufacturer of cars, Altur's board of directors, stated it authorized the filing of insolvency proceedings and intended to restructure the company's operations. The company said that on January 3 during the Bucharest Stock Exchange filing, while adding that it applied to the Olt County court to initiate insolvency proceedings.

To know more: https://www.alcircle.com/news/romanian-aluminium-components-manufacturer-altur-initiates-insolvency-proceedings-88635

On the same day, OpenGate Capital, a global private equity firm, announced the joining of Mr Edouard Guinotte as the President and Chief Executive Officer of Aluminium Solutions Group (ASG). ASG is a brand-new organisation established in September 2022 through the acquisition of OpenGate Capital portfolio businesses Aluminium France Extrusion (AFE) and Extrusiones de Toledo (EXTOL).

To know more: https://www.alcircle.com/news/aluminium-solutions-group-welcomes-edouard-guinotte-as-president-and-chief-executive-officer-88612

Xingfa Aluminium Holdings, one of the leading aluminium extrusion profile manufacturers in China, purchased a 4 per cent stake in Chinese service provider Guangdong Province Trading Development, an importer and exporter of kitchen and bathroom fixtures and accessories. The producer of aluminium goods completed the transaction through Guangdong Xingfa Aluminium, a subsidiary.

To know more: https://www.alcircle.com/news/xingfa-aluminium-holdings-acquires-a-4-stake-in-guangdong-province-trading-88630

Hindalco Industries Limited revised its aluminium products and aluminium ingot prices for the first time in the New Year, reducing both the wire rod and billets prices by INR 3,000 per tonne or 1.27 per cent. That brought the company’s aluminium wire rod price to INR INR 234,100 per tonne and billets price to INR 237,100 per tonne.

To know more: https://www.alcircle.com/news/hindalcos-first-price-revision-of-the-year-brings-aluminium-wire-rod-price-down-by-inr3000-t-w-e-f-january-4-88619

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