Nemak to buy Teksid Aluminum
Nemak has finalized the purchase of the Teksid Aluminum Poland metalcasting operation, continuing its takeover of various TK Aluminum Ltd. plants, first announced last November. Nemak, a subsidiary of Mexico's Grupo Alfa, originally agreed to buy six Teksid plants in North and South America, and Poland, plus a 40% share of a Chinese venture, for $485 million in cash, along with an approx 7% interest in the Nemak business.
Teksid Aluminum Poland, is a semi-permanent mold and high-pressure diecasting operation producing aluminum clutch housings, gearboxes, cylinder heads, cylinder head covers, and timing chain covers for auto makers such as Ford,Toyota, Opel, Fiat Peugeot, Renault.
In March, Nemak closed the purchase of the North and South American plants, including an Alabama operation not included in the original sale. The sale of the Chinese venture stake is still pending.
According to TK Aluminum, the sale of the Polish plant involved approximately $56 million in cash, plus additional 0.83% synthetic equity interest in the Nemak business.
In the past two years, Nemak has acquired a series of aluminum casting operations in Europe and the Western Hemisphere, from Rautenbach, Hydro, and Teksid, and now produces a range of engine blocks and other auto parts to GM, Ford, Fiat, Nissan, and Renault. Nemak is likely to expand its operations in China where new capacities may be added
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