China Zhongwang Holdings Ltd., announced on September 13 that, effective from August 2017, its German daughter company Zhongwang Aluminium Deutschland GmbH completed the acquisition of Aluminiumwerk Unna AG, the first foreign acquisition to expand its international business. Upon completion of the acquisition, the Group will hold 99.72% equity interest in Aluminiumwerk Unna AG.
Founded in 1914 ALUnna supplies aerospace, automobile and mechanical engineering industries with seamless tubes, porthole tubes and other high value products.
Another Zhongwang company, Zhongwang USA, is seeking to close its acquisition of U.S. aluminium firm Aleris Corp after opposition from U.S. senators. The deadline for the Aleris transaction to close is Sept. 15.