Japanese steel mill Kobe Steel and US aluminium major Alcoa have dissolved joint ventures to sell automotive components, the companies said Friday.
Kobe Alcoa Transportation Products based in Tokyo, and Alcoa Kobe Transportation Products, based in the US state of Indiana, will be dissolved in February and January 2007 respectively. The companies are 50-50 joint ventures of Kobe Steel and Alcoa, selling aluminium sheet for automotive components in Japan and the US.
The joint ventures were established in 1992. The two stakeholders decided to dissolve them as the market for aluminium sheet for automotive did not grow as initially expected in 1992, a Kobe Steel spokesman said.
KATP has been selling sheet made at Kobe's aluminium plants and Kobe will take over KATP operations after February 2007. In the US, Alcoa will take over operations of the US-based joint venture.
The Tokyo-based KATP was expecting sales of Yen 20 billion ($170 million) for fiscal 2006 ending in March 2007, which is roughly 5% of total sales of Kobe's aluminium products unit.
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