This is in line with the company’s three-year strategy, which involves closing unprofitable subsidiaries and non-operating companies; and identifying additional opportunities for growth in high-margin markets where GARMCO has established a strong presence, in particular South East Asia, the USA and Australia.
The restructuring has resulted in the closing of unprofitable subsidiaries in the saturated markets of China and Korea; and non-operating companies in Hungary and Cyprus, which do not add value to GARMCO’s core activities.
As part of the...
Hydro has signed a Letter of Intent (LoI) with Brazilian mining company Vale for the possible acquisition of Vale's 40 % interest in Brazilian bauxite producer Mineração Rio do Norte (MRN), which would strengthen Hydro's global position as a long player in bauxite and alumina.
An eventual agreement will depend on the parties agreeing terms for Hydro to acquire Vale's 40% interest in MRN, completion of Hydro's due diligence process, approval by the parties' Board of Directors and by the relevant competition authorities.
The parties will...
On 6th October 2015 FINMECCANICA signed an agreement to sell 100% of FATA S.p.A. to the Danieli Group.
FATA, established in 1936 with headquarters in Pianezza (TO), employs a workforce of approximately 200 employees and has a yearly turnover of about Euro 150 mil.
It operates worldwide as a referenced player in the field of industrial plant engineering and construction with its subsidiaries in the USA (Fata Hunter), India (FATA Engineering), China (Fata Shanghai ) and the UAE (Fata Gulf).
The acquisition of Fata EPC marks a milestone in Danieli’s project...
Alcoa (NYSE:AA) has signed an approximately $1 billion contract with Airbus for high-tech, multi-material aerospace fastening systems.
The deal is Alcoa’s largest fastener contract ever with the aircraft manufacturer. Alcoa’s fasteners fly on every Airbus platform.
“Our growing aerospace capabilities, technology strength and global, first-rate customer service continue to strengthen Alcoa’s decades-long partnership with Airbus,” said Alcoa Chairman and Chief Executive Officer Klaus Kleinfeld. “Alcoa is proud to partner with Airbus to...
The U.S. aluminium industry has long been part of the solution to address climate change in many respects.
Automakers are using lightweight, military-grade aluminium to help achieve far greater fuel economy for their fleets. The construction market relies on aluminium for increasing the energy efficiencies of new buildings. And the increasing rate of recycling is saving energy consumption in the packaging market.
The U.S.-China Joint Presidential Statement promises to make these kinds of gains enjoyed in the United States commonplace in China within a short period of time....
Utkal Alumina has proposed to ramp up its alumina refinery capacity at Rayagada in south Odisha from one million tonne per annum (mtpa) to 1.5 mtpa and that of its captive power plant (CPP) from 50 Mw to 90 Mw.
The total cost of the refinery is estimated at INR 7,563 crore.
The High Level Clearance Authority (HLCA), the highest body to approve investment proposals, has approved seven projects with investments totalling to INR 41,900 crore.
The projects include a mix of new as well as existing projects that proposed to ramp up their capacities.
Aluminium Bahrain B.S.C. (Alba), has announced the official appointment of Khalid Abdul Latif as Chief Marketing Officer following the Alba Board of Directors Meeting.
Khalid Abdul Latif will lead the company’s global marketing strategies to drive innovation across Alba’s business divisions.
Speaking on the occasion, Alba’s Chief Executive Officer Tim Murray said:
“Khalid’s appointment reflects Alba’s commitment to develop Bahraini nationals from within the Company into key leadership positions. He has a right mix of...
Good Progress on Environment but More to be Done Regarding Production
Kampf Schneid-und Wickeltechnik GmbH & Co. KG, has appointed Mr. Dr. Stephan Witt as Head of Technology with effect from 1 October 2015.
The 42-year-old graduate engineer has thus assumed responsibility for all the technical departments. The experience he gained in his previous positions as Head of Mechanical Design and Development and as General Manager of a renowned machine tool manufacturer will certainly be of great benefit for his new tasks.
GARMCO has awarded a contract worth $47 million to Fives to build a new state of art casthouse at GARMCO’s Bahrain based facilities.
The Re-melt Project is an EPC (Engineering, Procurement & Construction) Turn-Key project, which will enable GARMCO to develop its metal recycling capability and lower the cost of metal casting. The project will run for a duration of approximately 21 months, starting September 2015. The first stage has already commenced and is being managed internally by GARMCO with the support of a local supplier. This stage consists of the...