China Zhongwang Holding announced the acquisition of Germany's Aluminiumwerk Unna AG (Alunna), a well-established aluminum extrusion manufacturer, as its latest effort to grab a share of the global market.
Alunna, based in Unna, Germany, provides high-end extrusion products, mainly seamless tubes, to such world-leading manufacturers as Airbus, Boeing, Bombardier, Mercedes-Benz and BMW.
Lu Changqing, president of Zhongwang, said the acquisition marks a milestone in international expansion and a major step in complementing the company's business.
"The transaction would also substantially enhance China Zhongwang's production capability in seamless extruded aluminium tubes in further optimising our product mix. We look forward to supporting Alunna in accelerating its expansion in the long run with extended resources and financial flexibility," Lu said.
In recent years, Liaoning-based Zhongwang has been increasing its presence in foreign markets, especially Europe, and has set up sales offices in Germany to support overseas sales business. More...