Following the Memorandum of Understanding which was announced on 29/10/2008, ELVAL S.A., Furukawa-Sky Aluminum Corp. and Bridgnorth Aluminium Ltd, a wholly owned subsidiary of ELVAL S.A. in the United Kingdom, have now completed the shareholders agreement.
In accordance with the shareholders agreement and after obtaining necessary approvals from the relevant Competition authorities, Furukawa-Sky Aluminum Corp. based in Tokyo, now holds 25% of the shares of Bridgnorth Aluminium Ltd by means of a capital increase of the latter. The remaining shares continue to be held by Elval S.A. based in Athens. This is the first overseas equity investment in a rolling mill to be made by Furukawa-Sky Aluminum.
In addition to the equity participation, the parties have agreed a Technology Agreement, under which Bridgnorth Aluminium Ltd will receive continuous technology support from Furukawa-Sky both in terms of development and quality superiority of the products as well as production efficiency. The objectives of the agreements are to further improve the quality of the companys products and to strengthen the companys position in the global market, with emphasis on lithographic strip.
Bridgnorth Aluminium Ltd is an aluminium rolling mill based in Bridgnorth, Shropshire, UK. The company is focused on the production of lithographic strip and is currently #3 in the World in terms of market share by volume.