Hindalco Industries Ltd, the metals flagship of the Aditya Birla Group , on Tuesday announced it will acquire US-based AluChem Companies Inc for $125 million (approximately Rs 1,075 crore) in an all-cash transaction to strengthen its global specialty alumina portfolio.
In a regulatory filing, Hindalco said the deal will be executed through its step-down wholly-owned subsidiary, Aditya Holdings LLC, PTI reported. The acquisition is expected to close in the next quarter, subject to regulatory approvals and customary closing conditions.
AluChem Companies Inc, headquartered in the United States, is a manufacturer of specialty alumina and operates three advanced manufacturing facilities in Ohio and Arkansas, with an annual capacity of 60,000 tonnes. The company focuses on producing high-value alumina products for a range of industrial applications.
“This acquisition is an important step in our global strategy to build a leadership position in value-added, high-tech materials,” said Aditya Birla Group Chairman Kumar Mangalam Birla in a statement, reported PTI.
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