Canadian beverage can manufacturer Alcan has concluded an agreement to purchase an additional 20 per cent interest in the Aluminerie Alouette smelter.
This transaction increases to 40 per cent the company's stake in Alouette, which operates a modern, 243,000-tonne, low-cost aluminum smelter in Sept-Iles, Quebec. Alcan will acquire the additional 20 per cent from Corus Group for approximately $165 million (€258m)."Doubling our stake in the Alouette smelter further increases the attractive growth opportunities open to Alcan. The future expansion of the Alouette smelter and greater potential to leverage value creating synergies within our Quebec smelter system lie ahead," said Travis Engen, president and chief executive officer of Alcan.
The Alouette smelter entered into production in 1992. In addition to Corus, the equity partners in Aluminerie Alouette include: Alcan (20 per cent); Austria Metall AG (20 per cent); Norsk Hydro (20 per cent); Societe generale de financement (13.33 per cent); and Marubeni (6.67 per cent).Completion of the transaction remains subject to the receipt of applicable regulatory approvals and is expected to be finalised by the end of September.
Alcan is a multinational, market-driven company and a global leader in aluminum and speciality packaging with 2001 revenues of $12.6 billion. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, the company employs 48,000 people and has operating facilities in 38 countries.