Sapa's selection as the "stalking horse" bidder for the Indalex assets in the United States and Canada was approved by the respective bankruptcy courts yesterday.
In the event that competitive bids are received from other qualified bidders, a bankruptcy auction will be held around July 16, 2009. Final approval by the bankruptcy courts of Sapa's agreement or the auction outcome is expected by July 21, 2009. A possible acquisition would also be dependent on necessary clearance from the competition authorities in the US and Canada.
Further information can be found in the press release dated 17 June, 2009.
For further information, please contact Bjørn Wiggen, President and CEO Sapa, telephone +46-70-953 08 53 or Marius Grönningsaeter, Senior Vice President Corporate Business, Sapa, telephone +47-90-51-90-77
Sapa is the largest aluminium profiles producer in the world. The Sapa Group develops, manufactures and markets value-added profiles, profile-based building systems and heat exchanger strip in the light-weight material aluminium. Sapa is divided in the business areas Sapa Profiles, Sapa Building System and Sapa Heat Transfer and is represented in Europe, North America and Asia. The business concept is built on close cooperation with customers. Sapa is the leading company in its field of operation and have customers in the building, transport-, engineering, telecom and home and office industry. The Sapa Group has combined net sales of 32,500 MSEK and 12,000 employees. Sapa is part of Norwegian Orkla ASA. Further information can be found on the web site: www.sapagroup.com