July 2, 2007 — Nemak, a division of Mexico's Grupo Alfa, has finalized its takeover of several Teksid Aluminum automotive casting operations with the settlement of the sale of a 40% equity interest in Nanjing Teksid Aluminum Foundry Co. Ltd., in China. The sale of various plants in the Teksid group has been proceeding in stages since it was first announced last November, including a 30% interest in the Nanjing venture transferred in mid March.
Previously, Teksid said it had settled the total sale price on the seven plants at $485 million in cash, plus an 11.5% interest in the Nemak business.
Teksid Aluminum was formed by private-equity investors in 2003, following their purchase of Fiat SpA's aluminum casting operations. In addition to the Chinese operation, Nemak acquired the Teksid plants in Dickson; TN, Sylacauga, AL; San Agustin, Argentina; Betim, Brazil; Bielsko-Biala, Poland; and Frontera, Mexico.
The plants include a range of permanent and semi-permanent mold casting and pressure diecasting operations. Among their products are clutch housings, gearboxes, cylinder heads, cylinder head covers, timing chain covers, cylinder blocks, bed plates, clutch housings, engine oil sumps, intake manifolds, timing chain covers, and differential and transmission housings.