AMG Critical Materials N.V.
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Publicatie datum
09 apr 2009 - 00:36
Statutaire naam
AMG Critical Materials N.V.
Titel
AMG SUBSIDIARY TIMMINCO SIGNS DEFINITIVE AGREEMENTS WITH WINCA TO MERGE MAGNESIUM BUSINESSES
Bericht
Amsterdam, 9 April 2009 --- AMG Advanced Metallurgical Group N.V.’s (“AMG,” EURONEXT AMSTERDAM: “AMG”) 50.7% owned subsidiary, Timminco Limited (“Timminco”; TSX: TIM) announced today that, further to its announcement on February 18, 2009, Timminco has executed definitive agreements with Winca Tech Limited, a leading Chinese-based producer of magnesium products (“Winca”), to merge the principal components of Timminco’s magnesium and specialty metals business with all of Winca’s magnesium operations. The combined business will be known as Applied Magnesium International (“AMI”) and will be based in Denver, Colorado. Timminco’s equity interest in AMI will be approximately 20%. Personnel from Timminco’s magnesium business are expected to fill key management positions within AMI, and Timminco will also have representation on the board of directors of AMI, along with Winca and independent representatives.
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