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Alcan Sells assets within its Ores and Concentrates trading business
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Alcan Inc
: 08 October, 2004 (Company News) |
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Alcan Inc announced today that it has reached an agreement to sell assets of its Ores and Concentrates trading division to its current management team. Terms of the transaction will not be disclosed. |
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Alcan Inc announced today that it has reached an agreement to sell assets of its Ores and Concentrates trading division to its current management team. Terms of the transaction will not be disclosed.
'The Ores and Concentrates trading business is first rate; built and grown by the current management team over the past 12 years. This is a great opportunity to ensure a smooth transition for this business,' said Geoffery Merszei, Executive Vice President and Chief Financial Officer of Alcan Inc.
The scope of the transaction includes the net assets and commercial agreements of the copper, lead and zinc concentrate and secondary trading business, which was operated through Pechiney World Trade (USA) Inc and Pechiney Trading Ltd. Going forward, this business will be operated by Ocean Partners Holdings Ltd, a private company established by the current management team. Alcan is selling this business as it is not core to its operations.
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