Gränges AB (publ) (“Gränges”) (STO:GRNG) won the court supervised auction to acquire Noranda Aluminum Holding Corporation’s (“Noranda”) downstream aluminium rolling business in the United States, which was announced on 8 July, 2016. The completion of the acquisition is subject to an approval of Gränges as buyer by the US Bankruptcy Court. Gränges was expecting this approval by mid-July but the hearing has been adjourned to 28 July 2016. A decision is now expected in the end of July at the earliest.
Gränges view is that the adjourned hearing not will affect the outcome in Court. Closing is expected during third quarter of 2016.
The information in this press release is such that Gränges must disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on Tuesday, 19 July, 2016, at 15.00 CET.
Gränges is a leading global supplier of rolled products for brazed aluminium heat exchangers. The company develops, produces and markets advanced materials that enhance efficiency in the customer manufacturing process and the performance of the final products; brazed heat exchangers. The company’s geographical markets are Europe, Asia and the Americas. Its production facilities are located in Finspång, Sweden, and Shanghai, China, and have a combined annual capacity of 220,000 metric tonnes. Gränges has some 950 employees and net sales in 2015 totalled SEK 5,494 million. Its shares have been listed on Nasdaq Stockholm since October 2014. More information on Gränges is available at granges.com.
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