Nabaltec: Agreement on Acquisition of US Subsidiary Nashtec LLC
Sherwin Alumina filed for bankruptcy in January 2016 and subsequently wound down its operations and sold substantially all of its assets to Corpus Christi Alumina LLC under a chapter 11 plan of liquidation. Sherwin Alumina was the raw materials supplier for Nashtec and held certain claims arising from loans which were provided to Nashtec. These claims are now acquired by Nabaltec from Corpus Christi Alumina. In addition, Nashtec will acquire from Corpus Christi Alumina an adjacent parcel of land with production buildings and technical equipment, and from Glencore Ltd. a stock of aluminium hydroxide for the supply of raw material following the completion of the stand-alone solution. The agreements were signed in March 2017. With this arrangement, Nabaltec AG can begin retooling its production site in Corpus Christi, ensuring the survival of Nashtec and its operations. Nabaltec anticipates a time frame through the end of 2017 for the realization of this stand-alone solution. It is expected that Nashtec will resume deliveries to US customers at the beginning of 2018. In the meantime, the American market will be supplied from Schwandorf/DE.