Alcan Composites acquired by Schweiter Technologies

Alcan Composites has been sold to textile machinery manufacturer Schweiter Technologies by mining firm Rio Tinto for $349 million

Alcan Composites (Sins, Switzerland) has been sold to textile machinery manufacturer Schweiter Technologies (Horgen, Switzerland) by mining firm Rio Tinto (London, U.K.) for $349 million (US). The transaction is expected to close by the end of the year, following completion by the parties of various conditions precedent to closing, including regulatory processes and employee consultations.

Schweiter Technologies is a Swiss-listed company focusing on the manufacture of textile and semiconductor machinery. The business currently consists of the SSM Textile Machinery and Ismeca Semiconductor divisions, and the intention is that the new composites will form a third standalone division within the group.

Alcan Composites is a sandwich composite materials manufacturing business focused on the display, architecture, and wind energy sectors. It operates 16 plants in Europe (Germany and Switzerland), the U.S., South America, China and India and employs approximately 3,000 people. Its leading brands include AIREX, BALTEK, DIBOND, GATORTM, KAPA, FOREX, SINTRA and FOME-COR and the business serves a wide range of end-markets.