HAMBURG May 28 Germany's Trimet Aluminium said
on Wednesday it had purchased insolvent German aluminium
producer Voerde Aluminium.
Trimet said it would continue production at Voerde and
retain the plant's 280 personnel. The takeover talks involving
Trimet had been reported on Monday.
Financial terms of the deal were not disclosed.
Voerde, which produces 115,000 tonnes of aluminium annually,
went insolvent in 2012, blaming high German electricity prices.
The German government's recent decision to continue to give
financial relief for high energy prices to power-intensive
industries had been a key enabling the takeover, said Trimet
owner and supervisory board chairman Heinz-Peter Schlueter.
Trimet expected continued strong aluminium demand in Europe,
"With the Voerde location we will be able to serve the
rising demand," he said.
Trimet produces 640,000 tonnes of primary and cast aluminium
and aluminium products annually.
Voerde creditors had voted to continue production at the
plant until the end of 2014 while a search for a buyer
(Reporting by Michael Hogan; Editing by Mark Potter)