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| Participating Chrome Business in South Africa |
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| June 02, 2005 |
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Kermas Ltd (UK) group has acquired chrome business of Samancor Ltd, the largest chrome products producer based in South Africa.
Hanwa entered an agreement to invest USD36Million (approx. JPY4Billion) in the business. With the official approval of this acquisition by the government of the republic of South Africa on May 25, the contractual proceedings were completed between the parties on June 1.
With this deal, Hanwa has obtained distribution rights for the chrome products, used as raw material of stainless steels, for Japan except the sales channel through existing distributorship given to particular joint venture with Samancor. As for the chrome ore, Hanwa is appointed as the sole distributor for both Japan and China. Hanwa will focus on expansion of the chrome ore business in China where the demand is expected to grow in the future.
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