Nippon Light Metal to Acquire All Share of Tokai Aluminum

Nippon Light Metal announced on Tuesday the firm will purchase all remaining shares of the subsidiary, Tokai Aluminum Foil through stock exchange at a Nippon Light Metal share for a Tokai Aluminum share. Tokai Aluminum will delist the stock from Jasdaq Securities Exchange on September 25. Nippon Light Metal transfers the share of Tokai Aluminum to Toyo Aluminium, which is wholly owned subsidiary of Nippon Light Metal. Nippon Light Metal group tries to improve the competitiveness through the acquisition. Nippon Light Metal purchased 53% of Tokai Aluminum in May 2005 to seek synergy. The firm decided to improve the competitiveness through the acquisition when the aluminium foil market condition gets severer due to more competition with cheap import.