Brief: Gränges Forms JV With Shandong Innovation Group To Build Recycling And Casting Operation In China

Granges AB

31/03/2023 07:09

March 31 (Reuters) - Granges AB  GRANG.ST :
    * GRÄNGES FORMS CHINESE PARTNERSHIP IN SUSTAINABLE ALUMINIUM
TO
STRENGTHEN COMPETITIVENESS AND REDUCE CARBON FOOTPRINT
    * FORMED A JOINT VENTURE WITH SHANDONG INNOVATION GROUP
(SIG) TO
BUILD A RECYCLING AND CASTING OPERATION IN HYDROPOWER-RICH
PROVINCE OF YUNNAN, CHINA
    * JOINT VENTURE HAS SECURED ACCESS TO LOW-CARBON PRIMARY
ALUMINIUM
WITH ENERGY-EFFICIENT DELIVERY FROM A NEARBY SMELTER, AND TO
RENEWABLE ENERGY FOR CASTING OPERATIONS
    * GRÄNGES WILL INVEST APPROXIMATELY SEK 225 MILLION AND
CONTROL 49
PER CENT OF SHARES AND CAPITAL OF JOINT VENTURE
    * INVESTMENT IS EXPECTED TO TAKE AROUND TWO YEARS TO
COMPLETE AND
IS OVER TIME EXPECTED TO GENERATE A ROCE IN LINE WITH GRÄNGES'
TARGET LEVEL OF ABOVE 15%

Source text for Eikon:  ID:nMFN2G4PCf 
Further company coverage:  GRANG.ST 

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