Alcan has reached an agreement in principal to sell its Satma subsidiary to ALMECO Spa. Located in Goncelin, France, Satma manufactures and sells capacitor foil for the electronic industry as well as anodized strip for the lighting and decoration markets.
ALMECO Spa is an Italian company specialized in anodized strip for the same markets.
"Alcan Engineered Products is concentrating its resources on businesses with good potential for growth, where it can assume leadership positions through a differentiated product offering. As such, the Satma business no longer fits into Engineered Products' core business and will have better opportunities for development with a company closer to its market and technologies," said Christel Bories, President and Chief Executive Officer, Alcan Engineered Products.
Final terms of the agreement are expected to be completed following the conclusion of consultations with employee representatives. The transaction is anticipated to close by the end of May 2007.
The Goncelin facility, near Chambery, employs 138 people and recorded 2006 revenues of (euro)34 million.