Corus and Klesch have today announced that they have signed a non-binding Letter of Intent for the proposed acquisition of Corus’ aluminium smelters by an affiliate of Klesch.
Internal consultation and advice processes related to the transaction have commenced. It is intended that a Sale and Purchase Agreement would only be entered into once these processes are satisfactorily completed. The proposed transaction is subject to approval by the boards of directors of Corus and Klesch and is also subject to certain external regulatory clearances.
Following the sale of Corus’ downstream aluminium extrusions and rolling business to Aleris in August 2006, Corus has been looking at opportunities to secure a future for its aluminium smelters outside the Group. The two smelters are based in Delfzijl in the Netherlands and Voerde in Germany and produce more than 200,000 tonnes of primary metal per annum.
For further information on Corus please call Bob Jones, Tel: +44 (0)207 717 4532
For further information on Klesch & Company please call A. Gary Klesch, Tel. +44 (0)207 493 4300
Corus is Europe's second largest steel producer with annual revenues of more than £12 billion and crude steel production of about 20 million tonnes. With main steelmaking operations primarily in the UK and the Netherlands, Corus provides innovative solutions to the construction, automotive, packaging, mechanical engineering and other markets worldwide. Corus is a subsidiary of Tata Steel, the world's sixth largest steel producer. Following the acquisition of Corus last year, the combined enterprise has an aggregate crude steel capacity of more than 28 million tonnes and approximately 82,700 employees across four continents.
Klesch & Company, founded in 1990 and headquartered in London, England, is an investment group which makes control equity investments across various industries, in particular oil, gas, transportation, electricity, aluminium and other base metals. Associated companies of Klesch & Company own Zeeland Aluminium Company in Vlissingen, the Netherlands, which produces 260,000 tonnes of primary aluminium metal per annum.
Associated investment interests of Klesch