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Friday, May 22, 2009

Spain's Acerinox buys Malaysia's Yick Hoe Metals - MSN

Spanish stainless steel maker Acerinox Wednesday announced its purchase of the 75 percent of Malaysia's Yick Hoe Metals that it did not already own.

Acerinox did not reveal how much it paid for the stake.

It said the move was "part of its strategy for consolidating its presence in the Asian markets, which also involves the construction of a new stainless steel factory in Johor Bahru," Malaysia.

The factory, the construction of which was announced in March 2008, is a joint project between Acerinox and Japan's Nisshin Steel, which holds 15 percent of the Spanish group.

"Yick Hoe Metals, with 230 employees, is the biggest stainless steel trading company in Malaysia, with a great base in this country and a wide customer network, which covers the whole country," Acerinox said.


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