MONTREAL (AFX) - Canadian aluminium producer Alcan Inc said it has entered into an agreement-in-principle to buy Penske Composites LLC, a manufacturer of reinforced structural urethane core material products.
Financial details of the deal, which is expected to close in December 2006, were not disclosed.
The company, based in Mount Juliet, Tennessee, recorded 4.6 mln usd in 2005 revenues and employs 36 people.
'The addition of Penske Composites, LLC would strengthen Alcan's portfolio of structural core materials by enhancing its product offering and providing customers with the broadest product range for core materials in the industry,' said Georg Reif, president of Alcan Composites.
Structural core materials are used in composite sandwich construction, a process by which a lightweight but thick core is sandwiched between stiffer but thinner outer layers forming a material with high performance and lightweight design properties.
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