PARIS (AFX) - Alcan Inc said it has agreed in principle to sell its French factory in Chambery to Compagnia Generale Alluminio SpA (CGA).
The Chambery plant manufactures Rollbond panels used primarily as fluid circulators in refrigeration units. CGA is an Italian company specializing in domestic refrigeration and air conditioning.
'As the Rollbond panel market has evolved, Chambery has found it challenging to remain competitive and we have evaluated all options to face this issue. Both companies complementary industrial approaches will better position Chambery to face pressures from competing technologies and will allow for the development of new applications for Rollbond panels,' said Alcan CEO Michel Jacques.
The transaction is expected to be completed in the second quarter of 2006. The Chambery plant employs 70 people and had a 2005 turnover of 13 mln usd. paris@afxnews.com rg/cmr COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
The Chambery plant manufactures Rollbond panels used primarily as fluid circulators in refrigeration units. CGA is an Italian company specializing in domestic refrigeration and air conditioning.
'As the Rollbond panel market has evolved, Chambery has found it challenging to remain competitive and we have evaluated all options to face this issue. Both companies complementary industrial approaches will better position Chambery to face pressures from competing technologies and will allow for the development of new applications for Rollbond panels,' said Alcan CEO Michel Jacques.
The transaction is expected to be completed in the second quarter of 2006. The Chambery plant employs 70 people and had a 2005 turnover of 13 mln usd. paris@afxnews.com rg/cmr COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited