Nov 8 2007
Vimetco N.V., the global, vertically integrated producer of primary and processed aluminium products, is pleased to announce that Henan Zhongfu Industry Co. Ltd. (“Zhongfu”), which is majority owned by Vimetco NV, has agreed to acquire 100% of Lifeng Aluminium for RMB 266 million. The acquisition is subject to a final approval by Zhongfu shareholders.
Lifeng Aluminium is located in Linzhou, Henan Province, China. With a production capacity of 110,000 tonnes per year and power generation facilities of 110MW, it had revenues of RMB 1.7 billion in 2006.
Mr. Christian Wust, Chief Executive Officer, said:
“The acquisition of Lifeng is a logical next step in our growth strategy and will further strengthen our position in the Chinese market as well as in the global aluminium industry. The existing 60,000 tpy wire rod and 30,000 tpy billet production capacity at Lifeng Aluminium support our strategic shift towards higher added value products.”