More Teksid Aluminum Sell-Offs Scheduled

TK Aluminum Ltd. — the holding company that controls Teksid Aluminum — continues to sell off its metalcasting operations. It now reports a new purchase agreement to transfer its stake in several French and German metalcasting operations to Bavariaring 0906 GmbH. The buyer is an arm of industrial investment group Bavaria Industriekapital AG. No purchase terms have been released. The agreement was effected August 20, and its completion is contingent on gaining consent from some Teksid Luxembourg lenders, and Teksid Luxembourg cautioned it may terminate the agreement. Bavariaring, however, will share operational control of the companies in the interim prior to the final sale. The French operations, organized as TK Aluminum France S.A.S., include Teksid France S.A.S., Fonderie du Poitou Aluminium S.A.S., Fonderie Aluminium Cleon S.A.S., and Metaltemple S.A.S. Teksid Aluminum was formed in 2003 when the Fiat group spun off its nonferrous metalcasting operations to an independent holding company. Late last year, the Teksid group's managing unit, Teksid Aluminum Luxembourg, began selling off the metalcasting operations; most of the plants have been absorbed into the Nemak organization. In August, Fiat reacquired two the the foundries in Italy.