Sapa completes agreement with Indalex
Aug. 6, 2009 – Sapa has completed its purchase of U.S. aluminum
extrusion company, Indalex, in accordance with the terms of the asset
purchase agreement in June.
Aug. 6, 2009 – Sapa has completed its purchase of U.S. aluminum extrusion company, Indalex, in accordance with the terms of the asset purchase agreement in June.
As a part of the purchase, Sapa acquired Indalex’s 11 active plants, six in the US and five in Canada, with two cast houses and 29 presses and a total capacity of about 315,000 tonnes per year.
Indalex’s sales in 2008 were about 200,000 tonnes, representing $900 million US. Indalex has 1,400 employees.
Sapa says this acquisition strengthens its geographical coverage and logistical efficiencies to better serve North America, including its expansion into Canada. The acquisition represents an underlying enterprise value of approximately $95 million U.S.
“We have a strong market position and it is vital for Sapa to uphold good customer relations, especially in a time like this. We are able to offer our customers a range of products and services that is truly unique,” says president and CEO of Sapa, Bjørn Wiggen. “Sapa will have the ability to further develop new end-use applications in North America, benefitting the customers and the extrusion industry as a whole. Indalex has deep production competence and well-maintained assets. It is a well-run company. Combining Sapa and Indalex provides a wider product range and better geographic coverage.”