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Article: United States : Noranda to acquire St Ann and Gramercy from JV partner Century.
- Article from:
- TendersInfo
- Article date:
- August 6, 2009
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Byline: sanjayV03
US-based Noranda Aluminum Holding Corporation announced yesterday it plans to fully acquire St Ann Bauxite in Jamaica and Gramercy Alumina operations in the US from Century Aluminum Company, in a bid to recover the US$80 million it wrote-off over six months on the operations due to the global downturn.
The company said the acquisition would allow it to "vertically integrate" its operations by securing alumina for its aluminium operations.
"We also believe owning 100 per cent of these two operations represents an opportunity to enhance profitability as market pricing improves," stated Layle "Kip" Smith, Noranda's president in ...