ELVAL HOLDINGS SA UACJ Corporation (hereinafter, "UACJ") and ELVAL Hellenic Aluminium Industry
S.A. (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 has been completed 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. 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.
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.
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.
UACJ is a comprehensive aluminum manufacturer supplying products that meet the needs of a variety of industries. By establishing global supply and sales networks and having the world's third largest production capacity, we're striving to ensure that UACJ is a highly competitive aluminum supplier with a secure foothold in the global marketplace. As we continue to grow, our aim is to maximize the possibilities of aluminum in ways that contribute to society and the environment.
ELVAL - Hellenic Aluminium Industry SA issued this content on 2016-01-12 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-12 14:33:05 UTC
Original Document: http://www.elval.gr/files/IR/nea/2016_01_12_DT_UEHEM_eng.pdf
