Canadian producer Alcan said it has reached agreement in principle to sell its 85%-owned Vlissingen smelter in The Netherlands to UK private equity company Klesch & Company Limited. Hunter Douglas, which owns the minority 15% interest, has also confirmed its intention to sell to Klesch.
"Since October 2006 we have been studying all alternatives for our site in Vlissingen. Klesch is in a good position to offer new and sustainable solutions, and I am glad that we have found a path forward to ensure a future for the plant," said Michel Jacques, President and CEO, Alcan Primary Metal Group.
"This transaction clearly demonstrates Alcan's ongoing commitment to value-based portfolio optimization and is aligned with our business strategy and target of improving Alcan's competitive position on the cost curve," he added.
The final agreement is expected to be completed following the conclusion of the consultation process with employee representatives in the Netherlands and France. The transaction is anticipated to close in the summer of 2007.
The intended sale of the 200,000tpy smelter would include a commercial agreement that would ensure ongoing billet and sheet ingot supply to Alcan's engineered product plants and to Hunter Douglas as well as to third party customers.
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