Alcan Aluminum has completed its acquisition of Aluminium of Korea (Koralu).
The price tag was US$200 million in cash, with the understanding that Alcan will assume Koralu’s US$95-million debt.
Koralu will be integrated with Alcan Taihan Aluminum, which is owned 66% by Alcan Aluminum, 30% by Taihan Electric Wire Co., and 30% by Korean-based Hyundai.
The Koralu plant specializes in rolled aluminum, demand for which is steadily increasing. Indeed, Alcan expects Asia will be the world’s largest consumer of aluminum by 2005.
“Through a series of moves that culminated with the acquisition of Koralu, we have put Alcan in the driver’s seat of what promises to be the world’s fastest-growing market for rolled products,” says Jacques Bougie, president and chief executive officer of Alcan Aluminum.
The Koralu plant performs casting, hot rolling and cold rolling, as well as aluminum foundry alloy and billet operations. Research and development are ongoing.
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