UK die-caster sold to Russian zinc group

UK engineered and building products company The Alumasc Group said it has reached an agreement to sell its Brock Metal business, the leading UK supplier of zinc and aluminium die-casting alloys, to Russia’s Chelyabinsk Zinc Plant for £8.15m (US$16.0m).

Alumasc will retain ownership of Brock's freehold factory near Cannock, which has an estimated value of £1.5 million and will be leased to Chelyabinsk. All of Brock's existing management team and employees will transfer with the business.

Chelyabinsk raised $368 million last year in an initial public offering of more than 30% of the company's capital on the Moscow and London stock markets and is the leading producer of SHG zinc and zinc alloys in Russia.

Commenting on the transaction, Paul Hooper, Chief Executive of Alumasc, said: ”I believe Brock, under CZP's ownership, should benefit from becoming part of an international metals business.”