Alcan to acquire Penske Composites

 Montreal-based Alcan has entered into an agreement-in-principle to acquire the business and assets of Tennessee-based Penske Composites.

The transaction is expected to be completed early next month.

"The addition of Penske Composites LLC would strengthen Alcan's portfolio of structural core materials by enhancing its product offering and providing customers with the broadest product range for core materials in the industry," Georg Reif, president of Alcan, said in a statement.

Penske manufactures reinforced structural urethane core material products for the marine and industrial markets.

Alcan is a global material company, with operations in bauxite mining, alumina processing, primary metal smelting, power generation, aluminum fabrication and specialty packaging.