03 July 2003
03 July 2003
Alcan has completed the acquisition of Baltek, which makes specialized lightweight materials for the aerospace and transportation industries.
The Montreal-based aluminum company said on Tuesday the $35 million US deal closed following approval of Baltek shareholders. The acquired U.S.-based company will be named Alcan Baltek Corp. and will become part of Alcan's composite materials division.
""The composites business is a key part of our engineered products group with attractive opportunities in growing markets,"" Alcan president and CEO Travis Engen said in a release. ""The successful completion of this transaction enables Alcan to offer a wide range of composite technologies to our customers and to be a one-stop source for composite solutions.""
Baltek is a leading supplier of balsa-based structural core materials and should fit with Alcan's existing composites business, which makes structural foam and other products. With the latest acquisition, Alcan's composites business now includes nine companies with revenues of $410 million US and 2,100 employees in Europe, North and South America and southeast Asia.
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