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Corus signs letter of intent to dispose its aluminium smelters

Corus signs letter of intent to dispose its aluminium smelters
PTI
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First Published: Wed, Dec 05 2007. 12 37 PM IST
Updated: Wed, Dec 05 2007. 12 37 PM IST
London: Tata-owned Corus has announced that it has signed a Letter of Intent with American Industrial Acquisition Corporation for disposal of its aluminium smelters.
The two sides have signed a non-binding Letter of Intent for the proposed acquisition of Corus’s aluminium smelters by an affiliate of Aluminium Acquisition Company Limited (AIAC) for an undisclosed sum, informed Corus spokeswoman.
The internal consultation and advice processes related to the transaction have commenced and it is intended that a Sale and Purchase Agreement would only be entered into once these processes are completed, she said.
Following the sale of Corus’ downstream aluminium extrusions and rolling business to Aleris in August last year, Corus has been looking at opportunities to secure a future for its aluminium smelters outside the Group.
The two smelters are based in Delfziji in the Netherlands and Voerde in Germany and produce over 200,000 tonnes of primary metal per annum. The smelters employ 481 people in Germany and 475 people in the Netherlands.
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First Published: Wed, Dec 05 2007. 12 37 PM IST