Aug. 02, 2011
Notice Concerning Completion of Acquisition of Shares in U.S. Rolled Aluminum Sheet Manufacturer & Supplier
Sumitomo Corporation (Chuo-ku, Tokyo; Susumu Kato, President and CEO; hereinafter "SC") hereby announces that a Consortium consisting of SC and its joint partners* executed and completed the acquisition of 100% of the outstanding shares of ARCO Aluminum, Inc. (Louisville, Kentucky; Patrick Franc, President; hereinafter "ARCO") from BP Company North America Inc. (Houston, Texas, USA; Steven Bray, President; hereinafter "BP") at an acquisition price of US$ 680 million on August 1, 2011, in line with the schedule announced on April 4, 2011. ARCO was a wholly owned subsidiary of BP, serving as a manufacturer and supplier of rolled aluminum sheet.
*The joint partners (hereinafter, together with SC, collectively "the Partners") are:
Sumitomo Light Metal Industries, Ltd. (Minato-ku, Tokyo; Shigenori Yamauchi, President; hereinafter "SLM"); Furukawa-Sky Aluminum Corp. (Chiyoda-ku, Tokyo; Masateru Yoshihara, President & CEO; hereinafter "Furukawa-Sky"); ITOCHU Corporation (Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter "ITOCHU"); and ITOCHU Metals Corporation (Minato-ku, Tokyo; Masaki Oka, President & CEO; hereinafter "IMC").
The shares were subscribed by the Partners with the following ownership ratio:
Sumitomo Light Metal: 40%; Furukawa-Sky: 35%; SC: 20%; ITOCHU: 2% and IMC: 3%
In addition, ARCO changed its name to Tri-Arrows Aluminum Inc. (hereinafter "TAA") effective August 1,2011.
TAA owns an approximate 45% interest in the aggregate assets of Logan Mill (unincorporated joint business venture), an aluminum rolling mill that is one of the world's largest producers of aluminum sheet for beverage can makers, and also owns a 60% stake in Logan Aluminum Inc. (Russellville, Kentucky, USA; Randy Schumaker, President), the operator of Logan Mill. Logan Mill is jointly owned with Novelis Corporation (Atlanta, Georgia, USA; Philip Martens, President & CEO; hereinafter "Novelis"). Both TAA and Novelis individually supply their own primary metal inputs to Logan Mill for processing and own and market their own share of output.
【Profile of Tri-Arrows Aluminum Inc. (formerly known as ARCO Aluminum, Inc)】
Company Name : Tri-Arrows Aluminum Inc. (formerly known as ARCO Aluminum, Inc)
Establishment : 1984
Headquarters Address: 9960 Corporate Campus Drive, Suite 3000, Louisville, Kentucky 40223
Registered Capital: US$ 1,000
Representative : President and Chief Executive Officer - Patrick Franc
Main Business : Manufacturing and distribution of aluminum products
Annual Turnover : Approximately US$ 900 million (2010)
Annual Volume : Approximately 300, 000 tons (2010)
Corporate Communications Department,