Top Japanese aluminum flats suppliers to merge
Aug 30, 2012 | 12:04 PM
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 Japans 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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