Orkla ASA said its aluminum solutions business bought a 65 percent stake in an Asian company and will form a joint venture with the Vietnamese minority owner as part of a plan to expand on the continent.
Orkla’s Sapa unit will buy the stake in Vijalco from Japan’s Tachibana and Sojitz Corp. and form a partnership with Vietnam’s Ben Thanh Group, Oslo-based Orkla said today in a statement without disclosing the price.
Vietnam Japan Aluminium Co., or Vijalco, was formed in 1996 and employs 150 people. The company produces standard profiles for the building and construction industry and more specialized products for the furniture and automotive industries, according to the statement. Sapa is the world’s largest aluminum profiles producer.
The acquisition is “important as it is one of the first steps in the south-east Asia region for expanding in the Vietnamese market,” Jarle Dragvik, who was named general director of the new company Sapa BTG, said by phone today.
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