.png?downsize=773:435 "Hindalco To Acquire US-based AluChem Companies Inc For $125 Million")
Hindalco Industries Ltd., announced on Tuesday its plans to acquire US-based AluChem Companies Inc. in an all-cash deal valued at $125 million or Rs 1,075 crore.
This acquisition marks a strategic effort by Hindalco to strengthen its global presence in the downstream specialty alumina segment, according to an exchange filing.
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The purchase will be executed through Hindalco's wholly owned step-down subsidiary, Aditya Holdings LLC.
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AluChem Companies Inc. specialises in the production of specialty alumina, complementing Hindalco's in-house portfolio of special alumina and alumina hydrates. The transaction is likely to close in the upcoming quarter.
"This acquisition is an important step in our global strategy to build a leadership position in value-added, high-tech materials," Aditya Birla Group Chairperson Kumar Mangalam Birla said.
AluChem brings Hindalco a strong presence in North America with an annual capacity of 60,000 tonnes across its three advanced manufacturing facilities in Ohio and Arkansas.
Currently, Hindalco operates 5,00,000 tonnes of specialty alumina capacity and plans to increase up to 1 million tonnes by fiscal 2030.
"This partnership with Hindalco brings AluChem the ability and capital to scale up faster and build scale in North America," AluChem Companies, Inc. founder Ronald P Zapletal said.
(With PTI Inputs)
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