Showa Denko to sell aluminum business to Apollo
2021-01-28 14:12:20 [Print]
Japan's Showa Denko KK said on Thursday it would sell its aluminum business to U.S. investment fund Apollo Global Management as the materials maker steps up efforts to divest assets.
Specifically, Showa Denko said it plans to sell its aluminum rolling business for electronic components as well as the aluminum can business.
The company did not disclose details of the deal, but it is expected to be valued around 50 billion yen ($480.31 million), a source briefed on the matter said.
The divestiture is part of the company's business portfolio overhaul following the $9.2 billion acquisition last year of Hitachi Chemical, a supplier of materials for semiconductors, displays and lithium-ion batteries.
Specifically, Showa Denko said it plans to sell its aluminum rolling business for electronic components as well as the aluminum can business.
The company did not disclose details of the deal, but it is expected to be valued around 50 billion yen ($480.31 million), a source briefed on the matter said.
The divestiture is part of the company's business portfolio overhaul following the $9.2 billion acquisition last year of Hitachi Chemical, a supplier of materials for semiconductors, displays and lithium-ion batteries.
Alumina 98.5%min EXW China
Unit:RMB/mt
China alumina producers' number MoM output increase statistics by province by month
Unit: pcs
