News Room 2008 (The former Furukawa-Sky)
Business Collaboration Entered with Korean Aluminum Rolling Manufacturer
October 29, 2008
Furukawa-Sky Aluminum Corp. concluded a business collaboration agreement on October 20 with an aluminum rolling manufacturer in Korea (Choil Aluminum Co., Ltd.; Headquarters: Daegu Metropolitan City, Republic of Korea; Managing Director: Young Ho Lee; Capital: 34.8 billion won) to develop and produce aluminum plates using the continuous casting process.
The continuous casting process simultaneously casts and rolls aluminum. By eliminating the slab manufacturing process, this process helps brings down costs through more efficient production and reduces environmental impact by conserving energy.
Furukawa-Sky will promote this business collaboration to take full advantage of the continuous casting process in which Choil Aluminum excels so that it can strengthen its ability to meet demand for automobile heat exchanger materials in the Japanese market and accelerate the development of new products for the automobile industry and other markets.
We plan to acquire 5% of Choil Aluminum's common shares to solidify the partnership.
| Company | : | Choil Aluminum Co., Ltd. |
|---|---|---|
| Established | : | 1945 (Started aluminum rolling business in 1975) |
| Location of headquarters/factory | : | Daegu Metropolitan City, Republic of Korea |
| Managing Director | : | Young Ho Lee |
| Production volume | : | 110,209 tons (2007; 90% continuous casting ratio in building, foil and fin materials) |
| Sales | : | 341.3 billion won (2007) |
| Operating profit | : | 3.9 billion won (2007) |
| Employees | : | 367 (as of the end of December 2007) |
| Major facilities | : | 11 continuous casting machines, DC (direct chill) hot rolling equipment, as well as associated cold rolling mills and finishing equipment |
Furukawa-Sky Vice President Isao Iwabuchi (left) and Choil Aluminum Chairman Jae Sup Lee (right)