Constellium divests Chinese joint venture as part of Vision 2028 strategy
Constellium has sold its ownership stake in its automotive structures joint venture in Changchun, China, along with its partner, to a Chinese automotive holding company. The Changchun facility manufactures aluminium crash management systems and other structural components for the Chinese automotive...
Gulf aluminium producers accelerate overseas acquisitions amid geopolitical and supply chain risks
Aluminium producers in the Gulf are increasing overseas acquisitions and investments as they seek to strengthen supply chains, expand market access and reduce exposure to regional risks. The trend comes as geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz...
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Sale of En+ Podgorica aluminum smelter’s assets halted by court
A Cyprus court has granted an injunction on transactions involving the assets of a Montenegrin aluminum smelter, KAP, including a recent deal to sell it to a local company, Uniprom, for EUR 28 million ($38 million), En+ Group’s Pavel Priymakov told RIA Novosti on Monday. Oleg Deripaska’s En+ Group...
Alcoa’s strong second quarter 2014 profits driven by continued portfolio transformation
2Q 2014 Highlights • Net income of $138 million, or $0.12 per share; excluding special items, net income of $216 million, or $0.18 per share, up sequentially and year-over-year • Revenue of $5.8 billion, up 7 percent sequentially, steady from the prior year period • Engineered Products and...
Foremost fabricators acquired by Patrick Industries
Patrick Industries, Inc. announced that it has completed the acquisition of the business and certain assets of Goshen, Indiana-based Foremost Fabricators, LLC . Foremost is a fabricator and distributor of fabricated aluminum products, fiber reinforced polyester sheet and coil, and custom laminated...
Hydro takes control of Søral aluminium plant
Aluminium company Hydro and Rio Tinto Alcan (RTA) have signed an agreement for Hydro to take over RTA's share of the aluminium smelter Sør-Norge Aluminium AS (Søral) in Norway. Following the closing of the agreement, the plant will become Hydro's fifth fully owned aluminium smelter in Norway. Søral...
Novelis completes sale of North America consumer foil business to Reynolds consumer products
Novelis Inc., the world leader in aluminum rolling and recycling, today announced that it has completed the sale of its North American consumer foil products business to Reynolds Consumer Products LLC for $33.75 million. The transaction includes foil manufacturing plants in Toronto, ON, and...
Alcoa to acquire Firth Rixson to grow global aerospace portfolio
• $2.85 billion acquisition, $2.35 billion in cash, $500 million common stock; additional $150 million potential earn-out • Significantly accelerates Alcoa’s portfolio transformation, builds out value-add business, grows innovation capabilities and broadens multi-material product mix • Increases...
Government initiates valuation process for Balco stake sale
Going ahead with the residual stake sale in Balco, the government on Thursday started the process of valuation of its 49 per cent stake in the company. The Department of Divestment (DoD) has invited proposals from merchant bankers or chartered accountant firms with experience in handling valuation...
AWAC to pursue sale of its stake in Jamalco
Alcoa World Alumina & Chemicals Signs Letter of Intent to Pursue Sale of its Stake in Jamalco Alcoa confirms that it has signed a non-binding Letter of Intent with Noble Resources UK Limited to pursue a sale of its ownership stake in Alcoa Minerals of Jamaica, L.L.C (AMJ), which operates the...
Ashapura Minechem to buy Orient Abrasive for INR 400 Crore
Multi-mineral solutions provider Ashapura Minechem is set to acquire BSE listed Orient Abrasive for INR 400 crore, according to two people close to the negotiations. Bombay Minerals, a wholly-owned subsidiary of Ashapura Minechem, has agreed to buy the 25.52 per cent promoters' stake in Orient...
Montenegro sells bankrupt aluminium plant to local firm
The biggest industrial employer in Montenegro, the bankrupt aluminium plant was sold to a local firm on Tuesday for 28 mn euros. Uniprom, the new owner of the aluminium firm promised to invest a total of 76 mn euros in the KAP plant in the coming next four years. "We are starting today a new...
Signature Associates closes the industrial sale of 190,000-square-foot in Michigan
Signature Associates has made negotiations during the sale of a 190, 947 sq. foot industrial building in Michigan. Ted Vilek and Jeff Chystal of Signature Associated were the sellers while Toyota Tsusho America, Inc. represented the buyer, WKW Erbsloeh North America, Inc. WKW Erbsloeh North America...
XinRen gets permission to raise aluminium smelter stake
XinRen Aluminium Holdings, a China based company has decided to raise its stake in Xinjiang based aluminium smelter by 30% some time back. This move was given a positive nod by the shareholders on Friday, 6th June. This was decided after XinRen exercised the option to icrease their stake in...
Siemens Ltd enters an agreement with Mitsubishi-Hitachi to transfer Metals Technologies Business
Siemens AG, Germany has made an agreement with Heavy Industries and Mitsubishi-Hitachi Metals Machinery, Inc for a joint venture to operate metallurgical business industry as a complete provider of products, plant and services for aluminium industry. In accordance to this, the Board of Directors...
Showa Denko (SDK) completed the process of acquisition of Vietnamese Aluminum Can Maker
Showa Denko along with Showa Aluminum Can Corporation (SAC), its wholly owned subsidiary has completed all the procedures for taking control of the stakes in Vietnam’s Rexam-Hanacans Joint Stock Company ((Hanacans). Hanacans, an aluminum beverage cans manufaturer, has become a member of the Showa...
Trimet takes over bankrupt Voerde Aluminium
On May 28, Trimet Aluminium from Germany announced the purchase of Voerde Aluminium, the insolvent German aluminium producer. Trimet assured it would continue operation at Voerde and retain the 280 current employees of the plant. The takeover discussion on Trimet was reported on Monday. However,...
Murray Metals buys aluminium firm Alphastrut
SIR David Murray's Murray Metals business has boosted its presence in the oil and gas sector with the purchase of Bellshill firm Alphastrut. The sum paid for Alphastrut, which makes aluminium support structures, has not been disclosed. It comes two years after Murray International Holdings, which...
Amtek Auto to raise fresh funds
Arvind Dham-led automotive component supplier Amtek Auto Ltd, which counts ChrysCapital as a shareholder, has decided to raise money by way of issuing shares through a qualified institutional placement or other instruments, according to a stock market disclosure. The PE-backed company obtained its...
Excessive cut down at Doncaster aluminium firm, 98 jobs lost
Administrators working at Doncaster manufacturing company considered to be ‘doomed’ have finalized a deal to sell particular divisions of business and create 14 jobs initially. But in the whole process, 98 jobs were lost. As the administrators were fearful that 98 employees would lose jobs at...
