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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Capral to acquire Arrium’s aluminium business
Capral Aluminium, an ASX-listed manufacturer of rolled and extruded aluminium products, has announced that it will have acquired OneSteel Aluminium for $19 million by September 30. “Capral is acquiring the inventory and fixed assets of the business and all current OSA employees will be offered...
Government starts process for Hindustan Zinc and Balco stake sale
The government has started the process to sell its remaining stakes in the two metals companies Hindustan Zinc and Balco, which could fetch it as much as Rs 18,000 crore. The cabinet committee on economic affairs (CCEA) is expected to take up a proposal this week for change in regulations governing...
Can-One revisits privatisation of Kian Joo Can Factory in Malaysia
Can-One Berhad is revisiting the privatisation of Kian Joo Can Factory Bhd, in which it has a 32% stake, according to sources. Only this time, Can-One's advisers are looking at enlisting the help of the Employees Provident Fund (EPF) to take private the largest can manufacturer in the country....
EMAL & Dubal merger to boost industrial expansion in Abu Dhabi
Industrial activity is on the rise in Abu Dhabi as the emirate’s drive towards sustainable economic diversification under Abu Dhabi Economic Vision 2030 gathers pace. The recently opened Khalifa Industrial Zone Abu Dhabi (Kizad) is likely to be a key engine of growth for the emirate, while a recent...
Acquisition rescues jobs at confectionery packaging firm
Bridgnorth-based company Discovery Foils, which supplies foil packaging to dairy processors and confectionery brands such as Cadbury, has been bought out of administration by Slovakian business Moneta Packaging. The deal saves 14 existing jobs at the business and offers the prospect of...
Glencore Xstrata plunges into loss on merger write-downs
The mining giant Glencore Xstrata reported sharply lower results on Tuesday after it wrote down $7.7 billion on the value of assets it acquired as part of the merger that created the company. However, it defended its long-delayed merger three months ago, saying that cost savings would be higher...
Sterlite merger & Vedanta Aluminium business demerger become effective
As part of amalgamation, Vedanta Group firm Sesa Goa today said its merger of Sterlite Energy and demerger of aluminium business of Vedanta Aluminium into it have become effective. In a BSE filing, the company also said that its wholly-owned subsidary Bloom Fountain Limited would acquire 38.68 per...
BALCO's stake sale has been cleared of legal issues
Bharat Aluminium Company's (BALCO's) stake sale has also been cleared of legal issues, say sources. Similarly, Hindustan Zinc climbed around 12 percent to Rs 117.40 on news that legal hurdles surrounding divestment in the firm had have been cleared, according to CNBC-TV18 sources. Majority stakes...
Chinese competition authorities approve Sapa JV for Hydro and Orkla
The Chinese competition authorities (MOFCOM) have approved the closing of the transaction whereby Hydro and Orkla will have 50/50 ownership of the planned Sapa joint venture. The approval of the Chinese competition authorities marks the conclusion of the competition law assessment of the agreement,...
Rio Tinto firms on selling its Alcan aluminium division
Rio Tinto hit a five-month high amid speculation that the miner was moving closer to selling its Alcan aluminium division. Rio finance director Chris Lynch hosted an analyst roundtable this week following its decision to shelve the sale of its Pacific Aluminium and fold it back into Alcan. He said...
Court ruling clears way for Vedanta overhaul to complete
An Indian court has cleared the way for oil and mining group Vedanta (VED.L) to streamline its sprawling structure, dismissing on Monday an appeal by a shareholder of unit Sesa Goa (SESA.NS) that could have stopped or delayed the move. Vedanta shares rose on the news, increasing gains on the day to...
Shiloh Industries acquires Contech Castings
Shiloh Industries, Inc. today announced it has acquired Contech Castings, a leading provider of high-pressure aluminum die cast parts for the automotive industry. The purchase adds significant capacity and depth to Shiloh's existing high-pressure, high-vacuum casting capabilities with the addition...
Real estate holding company acquires central NY aluminum casting plant
Northern Industrial Holdings LLC will demolish and redevelop a former aluminum casting factory near Syracuse, NY. The Delaware real estate holding company, which redevelops industrial sites, acquired the Oberdorfer foundry in DeWitt, NY from Wre Properties LLC, according to a report by The...
Calderys Refractory Solutions completes Indonesian Joint Venture and Japanese Acquisition
Calderys, a world leader in Refractory Solutions and a subsidiary of Imerys, announces its latest international expansions into two key areas of the Asia-Pacific market: Indonesia and Japan. Calderys has signed a Joint Venture (JV) agreement with Indonesian refractory manufacturer PT Indoporlen and...
Aldora Aluminum merges with Coastal Glass Distributors
Aldora Aluminum and Glass Products Inc. will merge with Coastal Glass Distributors Inc., located in Charleston, S.C., according to a July 29 Aldora announcement. SMI Aluminum Systems and Architectural Glass Products of Miramar, Fla., will now officially operate as Aldora Aluminum and Glass Products...
Rio Tinto agrees sale of interest in Northparkes
Rio Tinto has reached a binding agreement for the sale of its 80 per cent interest in Northparkes to China Molybdenum Co., Ltd. (CMOC) for US$820 million. Rio Tinto chief financial officer Chris Lynch said "The sale of Northparkes represents great value for our shareholders and demonstrates our...
Trimet to acquire two Rio Tinto Aluminum plants
The German aluminum producer Trimet has agreed to acquire two of Rio Tinto’s aluminum plants in France. The plants had become high-cost producers, and Rio Tinto had been seeking to sell the facilities as a way to reduce its overall costs. The two facilities are located in Saint-Jean-de-Maurienne...
China sets stricter rules for aluminum to tackle overcapacity
China will raise production requirements and controls to rein in further expansion in its bloated aluminium sector, the Ministry of Industry and Information Technology said on Wednesday, as the government gets serious about tackling a string of industries that are facing overcapacity problems. The...
