Consortium set to buy Meridian for $175 million

Dec 07, 2006 | 12:08 PM | Philip Burgert

A consortium of investors will acquire magnesium diecaster Meridian Technologies Inc., Strathroy, Ontario, for Canadian $200 million ($174.9 million).

The consortium is headed by Norway's Josten Eikeland, said his Swiss holding company, Estatia AG. It will buy the company from Italy's Teksid SpA and Norway's Norsk Hydro ASA.

Eikeland already has a 28-percent equity stake in Tonsberg Magnesium Group International AB, a Stockholm, Sweden,-based magnesium diecaster. Despite a retreat from magnesium by Norsk Hydro and some automotive users, he said in a statement that he still sees a strong future for the light metal.....

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