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US Group Buys Shares in Hong Kong Aluminum Company
Hong Kong-based Global Applied Technologies Holdings Ltd announced Wednesday here that a US company has bought 26.2 percent of the shares of its subsidiary, Asia Aluminum Group Ltd.
The US company Novar Plc's Indalex Aluminum Solutions bought the shares for 524 million Hong Kong dollars.
Indalex is the third-largest aluminum producer in the world, and has 21 aluminum extrusion and manufacturing plants in North America, with its annual production totaling 360,000 tonnes.
The Hong Kong company established a strategic agreement with Indalex last October to supply a total of 90,000 tonnes of aluminum products over the next three years to the US company. In return, the latter will provide the Hong Kong company with technological support and training, and act as its exclusive distributor, according to the agreement.
Meanwhile, the Hong Kong company announced that it has bought another two aluminum companies in Guangdong, in south China, and can therefore raise its annual production to 120,000 tonnes, making it the largest aluminum products manufacturer in Asia.
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