December 27 (SeeNews) - Romanian aluminium and aluminium alloys producer Alro [BSE: ALR] said that it has completed the acquisition of Vimetco Trading from its majority shareholder Vimetco PLC and its subsidiary, Vimetco Management Romaniam, becoming its sole owner.
With the deal the company completes the integration of sales activities into the structure of the Alro Group, Alro said in a statement filed with the Bucharest Stock Exchange, BVB, on Friday.
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The transaction, which was carried out at the assessed market value of Vimetco Trading, will allow Alro to improve its synergies between production and sales of finished products.
Vimetco Trading since 2008 has acted mainly as agent without representation of Alro in all markets of aluminum products in the world.
A subsidiary of Vimetco N.V., Alro is one of the largest vertically integrated aluminium producers in Europe, having an installed production capacity of 265,000 tonnes per annum of electrolytic aluminium, 35,000 tonnes per annum of recycled aluminium and 335,000 tonnes per annum primary cast aluminium.
The Alro Group comprises aluminium manufacturer Alro, aluminium extrusion business line Vimetco Extrusion, alumina producer Alum, bauxite mining company Sierra Mineral Holdings, holding and management company Conef, holding company Global Aluminium Ltd. and marketing services provider Bauxite Marketing Ltd.
The group's structure ensures an integrated production chain assuring the raw materials for the flagship company Alro.
Alro's shares were changing hands 0.82% higher at 1.8450 lei by 1008CET on Monday on the BVB.
(1 euro=4.9490 lei)