News Room 2016
UACJ Establishes New European Company to Sell Automotive Heat Exchanger Materials
January 12, 2016
UACJ Corporation (Headquarters: Chiyoda-ku, Tokyo; President and CEO: Mitsuru Okada; hereinafter, “UACJ”) and ELVAL Hellenic Aluminium Industry S.A. (Headquarters: Athens, Greece; General Manager: Lambros Varouchas; hereinafter, “ELVAL”) jointly established a company to sell automotive heat exchanger materials in Europe. The new company, UACJ ELVAL HEAT EXCHANGER MATERIALS GmbH (hereinafter, “UEHEM”) was established in Germany on December 21, 2015. In April 2015, UACJ and ELVAL signed a memorandum of understanding to consider establishing the new company, whose establishment and registration is now complete and will begin conducting business.
UACJ has developed a close relationship with ELVAL, having made technology contributions to the company over a number of years. In 2007, the companies jointly established AFSEL S.A. (Headquarters: Athens, Greece; Managing Director: Dimitris Kyriacopoulos) to perform market research and to supply automotive heat exchanger materials made by ELVAL with the technical support of UACJ in Europe. Through UEHEM, the new company, ELVAL and UACJ will begin selling products to customers.
UEHEM will make purchases primarily from ELVAL, as well as from UACJ and UACJ (Thailand) Co., Ltd., as needed, with the company selling products to customers in Europe under the UACJ brand. The new company is targeting sales annual of 12,000 tons in 2016, rising to 25,000 tons by 2020.
UACJ considers automotive heat exchanger materials to be a strategic product. By providing its important partner, ELVAL, with leading-edge technology, benefiting from ELVAL’s advanced production capabilities and establishing UEHEM, UACJ should be able to provide a wide range of customers in Europe with high-quality, competitive products.
Going forward, the UACJ Group will augment its global supply network for automotive heat exchanger materials, boosting its presence as a provider of global solutions for customers who are expanding their operations in locations around the world.
Overview of New Company
| Name | UACJ ELVAL HEAT EXCHANGER MATERIALS GmbH |
|---|---|
| Location | Prinzenallee 5, 40549 Düsseldorf, Germany |
| Ownership ratio | UACJ 51%, ELVAL 49% |
| Representative | Satoshi Takazoe |
Overview of ELVAL
ELVAL is a leading aluminum manufacturer in Europe. ELVAL’s manufacturing base includes seven production plants in Greece and manufactures numerous different aluminum products that meet the needs of the packaging, construction, transportation and automotive industries, among others. ELVAL exports to more than 80 countries around the world and has trading facilities in seven European countries. ELVAL is a subsidiary of ELVAL HOLDINGS SA, which belongs to VIOHALCO SA, the holding company of various metal processing companies in Europe.