In a $17 million deal, Alcoa Inc. has increased its stake in Shibazaki Seisakusho Ltd. to more than 70 percent as it seeks to take over the remainder of the plastic closure and cap manufacturer.
Pittsburgh-based Alcoa launched a tender offer April 1 for the remaining 4 million shares, according to a news release.
``This increased investment is a natural extension of our original 1979 investment,'' said Alain Belda, Alcoa chairman and chief executive officer. ``This step furthers our strategy to grow revenues and profits in our packaging and consumer businesses.''
Shibazaki employs 330 and operates its main manufacturing facility in Nogi, Japan. The firm had 2001 sales of $84 million. Alcoa officials said they plan to operate the firm with existing employees and management.
Most recently Alcoa increased its North American flexible operations with the acquisition of Ivex Packaging Corp., based in Lincolnshire, Ill.