Today Sapa completed its purchase of US aluminium extrusion company, Indalex, in accordance with the terms of the asset purchase agreement entered into between them on June 16, 2009.
As a part of the purchase, Sapa acquired Indalex's eleven 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 MUSD. Indalex has 1,400 employees. Through this acquisition Sapa strengthens its geographical coverage and logistical efficiencies to better serve North America, including an expansion into Canada.
The acquisition represents an underlying enterprise value of approximately 95 MUSD.
"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. 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," says President and CEO of Sapa, Bjørn Wiggen.
For further information, please contact Bjørn Wiggen, President and CEO Sapa, or Gabriella Ekelund, Communications Director Sapa, telephone +46-70-953 08 53.
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