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Hindalco arm Novelis forms JV with Japan's Kobe Steel in South Korea

Aluminium products maker to sell 50% stake in its South Korean facility to Kobe Steel for $ 315 mn

BS B2B Bureau  |  Mumbai 

Aluminium

The rolling & recycling company Inc, a subsidiary of Aditya Birla Group’s Industries Ltd, has sold its 50 percent in its Ulsan (South Korea) facility to Japan’s Ltd for $ 315 million. With this, two companies will form a joint venture, to be named Ulsan Aluminum Ltd.

Through the venture, and will jointly own and operate the Ulsan facility, with each company remaining responsible for its supply and commercial relationships. The joint venture transaction is expected to close in September 2017, subject to customary closing conditions.

By entering into this joint venture, will better utilise its rolling capacity at Ulsan, which will continue to focus on automotive and specialty sheet in order to meet the increasing demand for lightweight rolled products across Asia. Partnering with another world-class manufacturing company will allow to drive operational efficiencies and process enhancements. As a result, Novelis’ Ulsan facility, along with its Yeongju facility in South Korea and its Changzhou facility in China, will be better positioned to deliver innovative, value-added products and services to customers. The transaction will generate cash proceeds to enhance Novelis' strategic flexibility and reduce its net debt.

“As a company, we constantly identify business opportunities that allow us to deliver maximum value across our global operations and we continue to see Asia as a strategic market. By entering into this joint venture, we are able to leverage our deep experience with other successful joint ventures to more efficiently serve our customers and increase our strategic flexibility in order to capitalize on potential future market opportunities,” said Steve Fisher, president and chief executive officer of

Located in the industrial hub of Korea, Novelis' Ulsan facility employs approximately 600 people and currently focuses on the production of rolled sheet for a variety of markets in Asia. The plant recently completed a major expansion, adding a new three-stand hot finishing mill as well as a pusher furnace and annealing furnaces.

Inc is the global supplier of rolled products and the world's largest recycler of The company operates in 10 countries, has approximately 12,000 employees and had $ 10 billion in revenue for its 2016 fiscal year. supplies premium sheet and foil products to transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. 

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Hindalco arm Novelis forms JV with Japan's Kobe Steel in South Korea

Aluminium products maker to sell 50% stake in its South Korean facility to Kobe Steel for $ 315 mn

Aluminium products maker to sell 50% stake in its South Korean facility to Kobe Steel for $ 315 mn
The rolling & recycling company Inc, a subsidiary of Aditya Birla Group’s Industries Ltd, has sold its 50 percent in its Ulsan (South Korea) facility to Japan’s Ltd for $ 315 million. With this, two companies will form a joint venture, to be named Ulsan Aluminum Ltd.

Through the venture, and will jointly own and operate the Ulsan facility, with each company remaining responsible for its supply and commercial relationships. The joint venture transaction is expected to close in September 2017, subject to customary closing conditions.

By entering into this joint venture, will better utilise its rolling capacity at Ulsan, which will continue to focus on automotive and specialty sheet in order to meet the increasing demand for lightweight rolled products across Asia. Partnering with another world-class manufacturing company will allow to drive operational efficiencies and process enhancements. As a result, Novelis’ Ulsan facility, along with its Yeongju facility in South Korea and its Changzhou facility in China, will be better positioned to deliver innovative, value-added products and services to customers. The transaction will generate cash proceeds to enhance Novelis' strategic flexibility and reduce its net debt.

“As a company, we constantly identify business opportunities that allow us to deliver maximum value across our global operations and we continue to see Asia as a strategic market. By entering into this joint venture, we are able to leverage our deep experience with other successful joint ventures to more efficiently serve our customers and increase our strategic flexibility in order to capitalize on potential future market opportunities,” said Steve Fisher, president and chief executive officer of

Located in the industrial hub of Korea, Novelis' Ulsan facility employs approximately 600 people and currently focuses on the production of rolled sheet for a variety of markets in Asia. The plant recently completed a major expansion, adding a new three-stand hot finishing mill as well as a pusher furnace and annealing furnaces.

Inc is the global supplier of rolled products and the world's largest recycler of The company operates in 10 countries, has approximately 12,000 employees and had $ 10 billion in revenue for its 2016 fiscal year. supplies premium sheet and foil products to transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. 

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Hindalco arm Novelis forms JV with Japan's Kobe Steel in South Korea

Aluminium products maker to sell 50% stake in its South Korean facility to Kobe Steel for $ 315 mn

The rolling & recycling company Inc, a subsidiary of Aditya Birla Group’s Industries Ltd, has sold its 50 percent in its Ulsan (South Korea) facility to Japan’s Ltd for $ 315 million. With this, two companies will form a joint venture, to be named Ulsan Aluminum Ltd.

Through the venture, and will jointly own and operate the Ulsan facility, with each company remaining responsible for its supply and commercial relationships. The joint venture transaction is expected to close in September 2017, subject to customary closing conditions.

By entering into this joint venture, will better utilise its rolling capacity at Ulsan, which will continue to focus on automotive and specialty sheet in order to meet the increasing demand for lightweight rolled products across Asia. Partnering with another world-class manufacturing company will allow to drive operational efficiencies and process enhancements. As a result, Novelis’ Ulsan facility, along with its Yeongju facility in South Korea and its Changzhou facility in China, will be better positioned to deliver innovative, value-added products and services to customers. The transaction will generate cash proceeds to enhance Novelis' strategic flexibility and reduce its net debt.

“As a company, we constantly identify business opportunities that allow us to deliver maximum value across our global operations and we continue to see Asia as a strategic market. By entering into this joint venture, we are able to leverage our deep experience with other successful joint ventures to more efficiently serve our customers and increase our strategic flexibility in order to capitalize on potential future market opportunities,” said Steve Fisher, president and chief executive officer of

Located in the industrial hub of Korea, Novelis' Ulsan facility employs approximately 600 people and currently focuses on the production of rolled sheet for a variety of markets in Asia. The plant recently completed a major expansion, adding a new three-stand hot finishing mill as well as a pusher furnace and annealing furnaces.

Inc is the global supplier of rolled products and the world's largest recycler of The company operates in 10 countries, has approximately 12,000 employees and had $ 10 billion in revenue for its 2016 fiscal year. supplies premium sheet and foil products to transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. 

image
Business Standard
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