(Yicai Global) Sept. 13 -- China Zhongwang Holdings Ltd. [HK:1333] said that it has acquired a 99.72-stake in Aluminiumwerk Unna AG (Alunna), a German firm specializing in high-end aluminum extrusion.
China Zhongwang completed the acquisition of Alunna through its indirectly wholly-owned subsidiary, Zhongwang Aluminium Deutschland GmbH, per an interim financial report from China Zhongwang.
China Zhongwang is the world's second largest, and Asia's largest, research and development manufacturer of industrial aluminum extrusion products. It mainly engages in the lightweight development of downstream fields such as traffic and transportation, machinery equipment, and electric engineering, and provides high-quality processed aluminum products. In the first half, the company netted USD190 million (CNY1.26 billion) in profit.
Alunna's main products include high-end aluminum extrusion seamless tubes for topnotch aircrafts. Its main customers include Airbus SE, The Boeing Co. [NYSE:BA], Bombardier Inc. [TSX:BBD.A], Mercedes-Benz and Bayerische Motoren Werke AG, and it enjoys a leading position in Europe and the world.
"This acquisition can greatly beef up China Zhongwang's capability in seamless tube extrusion and further improve our product mix," said Lu Changqing, president and executive director of China Zhongwang. "China Zhongwang will provide resources to Alunna and provide financial and operational support."
China Zhongwang has been strategically expanding its global presence and has set up offices in Germany and Japan to support overseas sales. By acquiring Alunna, a company that boasts a leading position in Europe and Germany, China Zhongwang will further expand its presence in the European market.
China Zhongwang's affiliate, Zhongwang USA LLC said that it was preparing to acquire US-based Aleris Corp. for USD2.33 billion in August last year, but it did not complete the deal.