Hitachi Metals to buy Honeywell glass alloy unit

Hitachi Metals Ltd, a Japanese metal and automotive parts maker, said on Wednesday it would buy Metglass Solutions, a unit of U.

S. giant Honeywell International Inc HON.N that makes metallic glass alloys.A Hitachi Metals spokesman declined to comment on the purchase price, but said that Honeywell's Metglass unit has annual sales of around $35 million.Metallic glass alloys, which have magnetic properties and are tougher and more flexible than traditional metal alloys, are used to make the core of electrical transformers and also to braze stainless steel.Hitachi Metals said in a statement that Metglass would complement its existing operations in soft magnetic materials."We forecast a large growth in demand from next generation hybrid cars and fuel cell batteries," the company said in a statement.

Honeywell, a diversified New-Jersey based company that makes everything from aircraft parts to antifreeze, has been hit hard by the recent downturn in commercial aviation, which has stunted demand for airplane brakes and other aerospace components.

In January the company said it was selling its plastics business to chemical giant BASF AG BASF.DE .

Hitachi Metals, a subsidiary of electronics giant Hitachi Ltd 6501.T , said in a statement that the deal would be completed within 60 days and have little impact on its earnings.

600450 Hitachi Metals to buy Honeywell glass alloy unit

See more news about:

Others also read

Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.

Add new comment