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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Talukdar retires, Praveen Maheshwari is new Hindalco CFO
Sunirmal Talukdar has retired from his position of the group executive president and chief financial officer of Hindalco Industries Ltd on December 31, 2011. He was 60. Praveen Maheshwari, who was the executive director (finance) at Bharat Forge, part of the Kalyani Group, has taken over from...
Sterlite Industries ready to pay mutually agreed price for Balco stake
Sterlite Industries will offer to buy the government's 49% stake in group company Balco at a mutually agreed price outside of an earlier call option plan, as both parties are keen to resolve stake-sale talks deadlocked for a year. If Sterlite's proposal is accepted, it will complete the Anil...
Norvestor to buy controlling stake in Marine Aluminium
Oslo based private equity firm Norvestor has agreed to invest in Marine Aluminium, which designs, engineers and fabricates aluminium structures and products for the oil and gas and maritime industries. Following the deal, the firm’s Norvestor V fund will become the largest shareholder in Marine...
Bankrupt ZALCO in talks with 8 possible buyers
Bankrupt primary aluminum producer ZALCO is in talks with eight potential buyers for a takeover of part or all of its plant in Zeeland, the Netherlands, the company's receiver said on Wednesday. ZALCO, which has a production capacity of 275,000 tonnes per year of aluminum, filed for bankruptcy in...
Accuride Boosts Aluminum Truck Wheel Capacity
Last year, Accuride significantly enhanced its capacity to make aluminum wheels for the commercial vehicle industry. This was made possible by a combination of strategic acquisitions, key process technology investments and transfers of aluminum wheel machining lines within its operations. These...
Ardagh buys aluminium can producer for €85m
PACKAGING COMPANY Ardagh has acquired the European division of Exal Corporation, the world’s biggest aluminium can producer, for €85 million. The acquisition of the Boxal group of companies, which are owned by Exal, will mark Ardagh’s first foray into the European aluminium can market. Ardagh,...
Hindalco dips 4% after court dismisses plea against tax dept
Hindalco Industries has plunged 4% to Rs 112, its lowest level since September 8, 2009, on the National Stock Exchange, after the Bombay High Court dismissed the company’s plea against the tax department over a tax outgo of nearly Rs 1,200 crore. Hindalco has been an underperformer among Sensex...
Essel Mining driving acquisition strategy of Aditya Birla Group
ET reported that the Aditya Birla Group after a closely fought contest with global biggies, bought out Canada's Novelis one of the world's largest rolled aluminum makers, for USD 6 billion. But what caught attention in the Novelis deal was that Essel Mining & Industries, a little known, unlisted,...
Sterlite Industries may be asked to buy residual government stake in Balco
The government will soon ask Sterlite Industries to make an offer to buy out its residual 49% stake in Bharat Aluminium Company Ltd, or Balco. Sterlite had acquired 51% stake in the company in a strategic sale by the government in 2001 for Rs 551 crore. "A formal proposal is being sought from...
Dubal keeps options open on acquisitions
Dubai Aluminum (Dubal) will keep its eye on potential acquisitions but is not planning to raise capital from the market in 2012, a top company executive said yesterday. Abdullah Kalban, president and chief executive of Dubal, told Gulf News that the company was upbeat about its prospects for next...
RUSAL faces tough choices over ALSCON acquisition
All is not looking good for RUSAL, a Russian firm that acquired the multi million naira Aluminium Smelter Company (ALSCON) in Ikot Abasi, Akwa Ibom State. The company appears to be in a fix over mounting challenges and unresolved issues relating to its acquisition of Nigeria ’s only smelter plant....
UPDATE 1-Bankrupt aluminium maker ZALCO looks for buyer
Dutch primary aluminium producer ZALCO is looking for a buyer to restart its plant, which was shut on Friday due to lack of funds after the company filed for bankruptcy last week, an official receiver said. The plant employed 500 people. "The company filed for bankruptcy last Tuesday, and on Friday...
Nalco to buy 25% in MEC Coal by March
India’s largest public sector aluminium producer National Aluminium Company is in the process of acquiring around 25 per cent stake in MEC Coal by March 2012 for an undisclosed sum. A member of the company’s board of directors told Financial Chronicle Nalco has already shortlisted MEC Coal for...
CSR to rethink stake in Tomago aluminium plant
CSR has revealed it will use Rio Tinto's planned sale of its $US5 billion ($5.01bn) aluminium asset portfolio to review its 25 per cent interest in the Tomago aluminium smelter in NSW, which could result in the building materials group quitting the stake. In his first public comments on the issue...
Magna acquires automotive aluminium die casting operations
Cosma International, part of Magna International Inc, is acquiring BDW technologies group's four operations within vacuum high-pressure aluminium die casting. Cosma will acquire two operations in Germany, one in Poland and one in Hungary. BDW's current production customers include Volkswagen, Audi,...
Rio Tinto's Aussie Smelters Under the Hammer
Rio Tinto's RIO proposed streamlining of aluminum assets is positive, though we make no allowance for it yet in our forecasts. We'll wait for any confirmation on asset pricing before making adjustments. The earmarked assets, largely Australian, might eventually be sold outright, floated on the...
Hindalco's Novelis to spend Rs 1,820 cr on Korea deal
Atlanta-based Novelis Inc, part of the Aditya Birla group’s Hindalco Industries, Asia’s largest integrated aluminium and copper producer, has raised debt of $225 million (Rs 1,170 crore) to complete the purchase of its Korean subsidiary. It will pay $125 million (Rs 650 crore) cash to seal the...
China’s Minmetals Resources Scrambles To Extend Life of Mines, Eyes Alumina
Scrambling to extend the life of its mines, four of which are set to conclude by 2020, China's Minmetals Resources Ltd. is on the prowl to acquire Australia based miners Mirabela Nickel Ltd.and Alumina Ltd., with a $7 billion to boot to capture the two companies' nickel, bauxite and alumina output....
