Zhongwang acquires German Alunna firm

Hong Kong-listed China Zhongwang Holding announced the acquisition of Germany's Aluminiumwerk Unna AG (Alunna) on Wednesday, as its latest effort to grab a share of the global market.

Alunna, a well-established aluminium extrusion maker based in Unna, Germany, provides high-end extrusion products, mainly seamless tubes, to such world-leading manufacturers as Airbus, Boeing, Bombardier, Mercedes-Benz and BMW.

The deal, via a solely-owned subsidiary, is the company's first overseas purchase and allows it to own a 99.72 percent stake of Alunna. The deal's value has yet to be disclosed.