Sapa is not going to conclude the purchase of the Chinese aluminium profile company Kam Kiu Aluminium
Referring to the press release published on February 5, 2008, announcing the signing of a letter of intent for the purchase of the Chinese aluminium profile company Kam Kiu Aluminium, Sapa informs that the intention to buy the company has been withdrawn.
During a period of seven months Sapa AB has carried out a due diligence of Kam Kiu Aluminium. The process has confirmed the strong capacity of Kam Kiu, the strategic grounds of the acquisition and the opportunities it would give to Sapa. Despite of this, the parties involved have unfortunately not been able to agree upon the conditions for concluding the transaction.
”It is unfortunate that we have not managed to conclude the acquisition of Kam Kiu on this occasion as it had been intended. However, Sapa AB will continue to carry on its aggressive growth plans in China, especially with regard to processed aluminium profiles. In the last months, there have been substantial discussions between Kam Kiu and Sapa, and a number of business opportunities have been identified in China. Kam Kiu and Sapa intend now to develop these opportunities together and to derive advantage from the strengths of both companies”, says Ole Enger the President and CEO of Sapa AB.
For more information, please contact Marius Grönningsaeter, Senior Vice President Corporate Business, Sapa AB, phone: 08-459 59 32.
Sapa in an international business group, which develops, manufactures and markets value-added aluminium profiles, profile-based components and systems, and heat-exchanger strip in aluminium. Sapa has sales of approximately SEK 35 billion and has some 15 000 employees throughout Europe, in the US and China. The company is one of Europe’s leading manufacturers within its field with customers in the transport, telecom, engineering and construction industries. Sapa is a part of the Norwegian Orkla Group, which is listed at the Oslo Stock Exchange.
For more information about Sapa, please visit www.sapagroup.com
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