Located in Vlissingen, The Netherlands, the former Zalco facility, which is currently curtailed, will provide an additional secure source of captive anode production for Century's Grundartangi, Iceland smelter. The approximately 150,000 tonne anode facility also could supply anodes to Century's smelter project in Helguvik, Iceland upon the project's completion.
The acquisition is a continuation of Century's efforts to opportunistically secure access to strategic assets and cut costs within a challenging global economy. "We are very familiar with the Zalco anode plant and its high quality and cost competitive products. This transaction provides outstanding benefits to Century by securing a key production element within close proximity to our Icelandic operations," commented Michael A. Bless, Century's President and Chief Executive Officer. "The acquisition of this facility, along with our 40 percent stake in Baise Haohai Carbon Co., Ltd., will allow us ultimately to supply all of our Icelandic anode requirements with captive production." In anticipation of a restart of anode production in the third quarter of 2013, Century intends to undertake an approximately $45 million investment program, including capital expenditures, restart expenses and working capital, to modernize the anode facility and optimize production for its existing Grundartangi smelter and the planned Helguvik smelte
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