Japanese aluminum maker UACJ pulling out of car parts JV in Indonesia
JAKARTA, NNA – Japanese aluminum maker UACJ Corp. will withdraw from a car parts manufacturing joint venture in Indonesia as part of its restructuring plan.
The Tokyo-based firm has decided to sell its 55 percent holding shares in PT UACJ-Indal Aluminum to PT Indal Investindo, the JV partner, at the end of June, it said in a statement on Monday.
The Indonesian venture, established in 1998, produces extruded aluminum products for automotive heat exchangers at a plant in the East Java Province. It employs about 186 workers, as of the end of last year, the statement said.
The local partner holds a 40 percent stake and major Japanese trading house Toyota Tsusho Corp. has 5 percent, according to the statement.
UACJ did not disclose details of the JV, such as production capacity and customers.
The major Japanese aluminum maker supplies can materials, auto parts, and various extruded products, as well as flat rolled and foil products.
It announced a global restructuring plan last September, aiming to enhance profitability in the can materials business in Japan, Thailand and the United States and automotive products in North America following large scale investments in those countries.