ELVAL announces the signing of a shareholders agreement with Furukawa-Sky Aluminum Corp., for the establishment of a joint venture Sales Company in Greece, for marketing and selling in Europe a new range of aluminum products, used for the production of heat exchanger materials for automobiles. In the new company, ELVAL and Furukawa-Sky will participate by 50% each. Furukawa-Sky, with which ELVAL has already a long time technical support agreement, is the biggest aluminum rolled products manufacturer in Japan. The new range of products will be manufactured by ELVAL through transfer of technology, an agreement for which has also been signed between ELVAL and Furukawa-Sky, and will be marketed through the new Sales Company to European manufacturers of radiators and air conditioning units for automobiles.
The new range of products which will be manufactured by ELVAL, for the first time, are flat rolled clad products of three aluminum alloys, achieving different properties of each surface, so that they can be used for the production of heat exchanger materials for automobiles with the brazing method.
The transfer of technology and the qualification of the production are expected to be completed by the end of the second quarter of 2007 and selling of the new products will follow immediately after.