US-based Intermet have entered into an agreement for them to assume 100% ownership of their 50:50 joint venture Fundicao Nodular S.A, in Portugal, also known as PortCast Foundry.
Intermet originally took a 50% stake in PortCast in 1998, with the other 50% being owned by Grupo Jorge de Mello. Intermet operated the plant since that time producing ductile iron castings for the automotive industry.
PortCast has capacity to produce 45,000 tons of castings per year. Its capacity has nearly tripled since Intermet became involved. Involvement with PortCast has helped Intermet achieve a leading position in the area of highly engineered ductile iron products.
It will become integrated into Intermet’s European operations after the transaction has been executed.
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