STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Gränges AB (publ) (“Gränges”) has been approved by the US Bankruptcy Court as the “stalking horse” bidder to acquire Noranda Aluminum Corporation’s (“Noranda”) downstream aluminium rolling business in the United States. The agreement between Gränges and Noranda was announced on 14 June, 2016.
An auction is currently scheduled for Thursday, 7 July, 2016, with bids due on 29 June, 2016. Should Gränges win the auction and receive final approval as buyer from the US Bankruptcy Court, an announcement is anticipated in mid-July, 2016. Closing is expected during the third quarter of 2016.
The information in this press release is such that Gränges must disclose pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication on Thursday, 23 June, 2016, at 07.00 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 (http://www.granges.com).
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