Top Japanese aluminum flats suppliers to merge

Aug 30, 2012 | 12:04 PM |

Tags  Furukawa-Sky, Sumitomo Light Metal Industries, aluminum, Mitsuru Okada, Shigenori Yamauchi, merger, Tri-Arrows Aluminum

SINGAPORE — Furukawa-Sky Aluminum Corp. and Sumitomo Light Metal Industries Ltd. (SLM) have agreed to merge in a move intended to cut costs and become more globally competitive.

Shareholders in Sumitomo will get 0.346 shares in Furukawa-Sky for every one of their shares in a deal the companies hope to complete by October 2013.

Although the two Tokyo-based companies are Japan’s biggest suppliers of rolled aluminum products, they are relatively small on a global scale. "We aim to become an aluminum major that is globally competitive," SLM president Shigenori Yamauchi said at a news conference.....

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