Furukawa-Sky Aluminum and Sumitomo Light Metal Industries to merge in October
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Furukawa-Sky Aluminum Corp. and Sumitomo Light Metal Industries Ltd. said they plan to integrate their operations on Oct. 1 to survive intensifying competition from Chinese and South Korean rivals in aluminum rolling business.
The two nonferrous metal companies said they have reached a final agreement on the merger plan, which they expect to be approved at shareholders' meetings in late June.
Furukawa-Sky Aluminum is the world's eighth largest maker of aluminum rolling products, while Sumitomo Light Metal Industries is ranked 12th.
The company after the merger will be capitalized at 45 billion yen ($461 million) and named UACJ Corp.
