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Kulicke & Soffa Industries Inc (K&S) has announced that the company has entered into definitive agreements to acquire substantially all of the assets of Orthodyne Electronics Corporation, a supplier of wedge bonders, and sell the K&S wire business unit to WC Heraeus GmbH, a precious metals and technology group. Under the terms of the Orthodyne agreement, K&S will fund the acquisition of Orthodyne with approximately 7.1 million shares of K&S common stock, plus $80 million in cash. If the transaction is not consummated by October 31, 2008, the purchase price will be approximately 19.6 million shares of K&S common stock and no cash. The deal includes possible earn-out consideration up to an additional $40 million in cash if certain financial objectives are met by Orthodyne over the next three years. The closing of the transaction, which is expected within approximately 60 days, is subject to certain working capital adjustments and closing conditions, including regulatory approvals. "The acquisition of Orthodyne is in line with our stated strategy and positions K&S to capitalize on our strengths in equipment manufacturing and further cement our position as the leading supplier of interconnect solutions," commented Scott Kulicke, Chairman and Chief Executive Officer of K&S. "Orthodyne is a fast growing, profitable market leader and provides us with deeper penetration into the discrete side of the semiconductor market, particularly in the attractive power management and hybrid module markets."

US speciality brass mill Ansonia Copper and Brass Inc. has announced that it will lay off 85 of the 102 employees at its Liberty Street, Ansonia, factory in Connecticut. The plant manufactures copper alloy rod and wires. Company President Raymond McGee said "it's a very, very difficult situation". He blamed the redundancies, on top of 76 employees laid off in April 2007, on the company's struggle with escalating costs. Since 2002 electricity costs have soared 239%, natural gas 200%, fuel oil 125%, and copper and nickel 500% apiece. Ansonia's other facility in Waterbury, CT, which manufacturers copper alloy tube is unaffected by the announcement.

Further evidence of the impact of the North American economic slowdown on copper demand has recently been published by the ABMS and government statistical bodies. North American copper wirerod production plummeted 9.6% year-on-year to 174,000 tonnes in April. Output had been on a downward trend but the magnitude of the deterioration in April has still come as something of a surprise. A year-on-year increase of 2.0% in North American output January had been followed a 1.0% fall in February and a 2.7% drop in March. In April Canadian output was flat year-on-year due to improving export sales to the US, while US production fell 9.8% year-on-year and Mexican shipments slumped by 17.5%. On a year-to-date basis North American wirerod production was 2.9% lower in the four months to April 2008. Weakening demand from the automotive industry, coupled with a resurgance in copper prices and the return of Russian wirerod imports has clearly led to a deteriorating market situation for domestic mills.

Mueller Industries second quarter results highlight the tough times that the US brass mill industry is facing, but that companies can still operate profitably in a challenging market environment. The company's plumbing and refrigeration segment saw sales fall 11% to US$404m, while its operating profits dropped 32% to US$35m. The company blamed lower shipment volumes and lower spreads for the weaker performance. Sales at the company's OEM division, which includes its brass rod activities, rose 10% year-on-year to US$354m, while its operating profits rose 5% to US$19m. The improvement here is due to acquisition of Extruded Metals. Commenting on the results Harvey Karp, Chairman of Mueller Industries said "Mueller's earnings for the first half of 2008 were achieved despite the continuing decline in the housing industry, the sub-prime mortgage meltdown, the turbulence in the financial markets, rising metal costs, sky-high energy prices and a slowing national economy. Considering these adverse circumstances, we are pleased with the results."

KME Group SpA, a leading copper and copper alloy semis maker based in Italy, will buy 30% of Sigimet SpA, an Italian ferrous and non-ferrous metals trader. The company also bought 30% of Italian scrap metals trader Metalbuyer in February. In both cases, KME holds the option to raise its share. Considering that the company relies on scrap for more than 50% of its metal input, the acquisitions will lead to a reduction in supply costs. The company said that the acquisitions will benefit industrial activity, however, the main objective was diversification rather than integration.

CHINALCO's interest in resources acquisitions and Anglo American's early moves into China back up the speculation that the two companies could engage in some form of partnership. Chinalco is the Chinese state-owned resources group tipped as a potential suitor to rescue Anglo American from the unwelcome advances of Xstrata, or as a co-investor in Anglo's MMX Minas- Rio iron-ore project in Brazil. Chinalco and Anglo American have declined to comment on the speculation that, after Anglo's board rejected Xstrata's all-share merger proposal last month, Anglo has been seeking a white knight in either Chinalco or Brazilian iron-ore giant Vale. Vale, though, has said publicly that it is not seeking acquisitions at present.

Founded in 2005, LeDi is located in China near Shanghai in Zhejiang province, a hub of transportation, trading and communications. The company has three copper wire production lines with total annual capacity of approximately 36,000 tons. In April 2009, LeDi received a license to import scrap metal directly from foreign countries, making it one of the only copper processing companies in China that is licensed to import scrap copper directly from the USA, thereby decreasing raw materials costs and providing a meaningful competitive advantage.

NEW YORK--(BUSINESS WIRE)--Bay Acquisition Corp. (formerly known as SecureLogic Corp.) (OTCBB: SLGI) ("Bay Acquisition"), announced that it has entered into an agreement to acquire Zhejiang Ledi Electronic Technology Co., LTD. ("LeDi"), a copper processing enterprise located in China, which produces electrical copper wires in the wire and cable industries. The transaction is structured as an acquisition of LeDi's Samoan-based holding company.

The Competition Tribunal on Friday announced that it had approved the sale of vertically integrated assets by South African steel producer Highveld Steel & Vanadium to Swiss firm Duferco Investment Partners. The deal formed part of the European competition regulatory body's conditions of the 2007 Highveld Steel acquisition by Evraz. Duferco's subsidiary, Vanchem Vanadium Products, would acquire Highveld Steel's Vanchem operations, as well as its 50% stake in South Africa Japan Vanadium and 350 ordinary shares in the Mapochs mine, which produced titaniferous magnetitic ore for Highveld Steel, and ore fines for Vanchem.

Prysmian Cables & Systems has announced the signing of a four year frame agreement to design and supply flexible pipes for offshore oil and gas extraction with Petrobras of Brazil. Prysmian said it is to invest around $110 million constructing a new plant in Brazil and that the deal with Petrobras represented a major step forward in the company's operations in the Oil, Gas and Petrochemical services industry. Prysmian also announced the acquisition of the German cables manufacturer Facab-Lynen. Facab-Lynen generated sales of €62 million ($96 million) in 2007 and Prysmian said the acquisition will enable the company to further increase its production capacity and develop its market position in the special cables market, particularly in the fast growing renewable energy sector.

Deal worth $900 million

LS Cable and Superior Essex have announced the signing of a definitive agreement for LS Cable to acquire Superior Essex. The board of directors for both companies approved the agreement under which Superior Essex share holders will receive $45 per share making the deal worth $900 million. The acquisition, once complete will create the world's third largest wire and cable manufacturing company with Superior Essex continuing to operate under its current name as a wholly owned subsidiary of LS Cable. Nexans and Prysmian are the world's first and second ranked cable makers. LS Cable has a strong presence in the power and communications cable sector and in the Asian and Middle Eastern markets. Superior Essex is the world's largest magnet wire producer and leads in the North American communications market as well as having operations in North America, Europe and China.

Xinmao announced that it decided to call off its offer for Dutch cable maker Draka, which valued the company at €1 billion in total. The Chinese firm cited the time pressure which occurred after the placement of Italian cable maker Prysmian's official offer as the most important reason for the withdrawal. The European Commission will review the proposed acquisition by Prysmian in early February.

Hellenic Cables S.A. announced the acquisition of Fulgor S.A. through a 100% share purchase. Fulgor S.A. is a producer of cables, conductors and bare copper and aluminium wire rod, with significant experience in producing value added products such as high voltage and submarine cables. Fulgor S.A.'s Soussaki Corinth plant has a production capacity of 50,000t/y of cables and conductors and 45,000t/y of copper and aluminium wire rod. Hellenic Cables believes that the acquisition will strengthen its export orientation and enrich its product portfolio.

General Cable Corporation announced on 5th November that it had completed its acquisition of Prestolite Wire LLC, the wire & cable and wiring harnesses producer. Prestolite Wire, which reported revenues of US$170M in 2011, has two production sites based in the USA and Mexico and manufactures predominately for the transport sector. Commenting on the acquisition, General Cable said that the Prestolite Wire is "highly complementary to our existing transportation related businesses as approximately 90% of Prestolite's revenues are generated from products that are incremental to the Company's existing product portfolio."

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S.A. Eredi Gnutti Metalli S.p.A., an Italian copper and copper-alloy extrusions and flat rolled product fabricator, has taken over Dalmet S.p.A., another Italian company which competes in the production of copper and copper-alloy flat rolled products. Dalmet has the capacity to supply 3,000t/y of flat rolled products to the electrical, electromechanical, electronic and automotive components, ornaments, door locks and medals manufacturing markets. With this acquisition Eredi Gnutti increases its rolling and casting capacity.

"The retirement of experienced copper industry executives and the lack of trained technical replacements is helping to drive substitution and is likely to lead to more mergers and acquisitions as the industry adapts, senior industry executives said. A group of panelists at Metal Bulletin-American Metal Market's copper seminar in New York this week said that the copper sector needed to be far more proactive in attracting new talent and ensuring the gap in the professional supply chain is filled. "One thing that is driving substitution is the retirement of engineers that were very tied into the thought that copper wiring was the only alternative and that aluminium was unsafe," said Stu Thorn, CEO of Southwire. Thorn said the idea that aluminium was unsafe "almost became a psychological obsession" despite the development of new technologies to make it safe. "Now that generation of engineers is retiring, the new generation coming up doesn't necessarily have that same level of bias [towards copper], but what they do have is the drive to make more money, to reduce costs, and find cheaper alternatives," he told the seminar. "There is a shift..."

Rohm and Haas Company has reported second quarter 2008 sales of $2,567 million, a 17% increase over the same period in 2007, with Electronic Materials and the chemical businesses outside North America delivering strong growth. The Electronic Materials Group comprises two reportable segments which provide materials for use in applications such as telecommunications, consumer electronics and household appliances. Sales for the Electronic Materials Group were $536 million in the second quarter of 2008, up 34% over the same period in 2007, reflecting the impact of acquisitions in Display Technologies as well as solid organic growth of Electronic Technologies. The Electronic Technologies segment is comprised of the company's Semiconductor Technologies, Circuit Board Technologies and Packaging and Finishing Technologies business units. Sales for the segment of $460 million were up 16% versus the second quarter of 2007, driven by strong growth in Asia for all business units. Sales in the second quarter excluding precious metals pass-through sales were up 15%. Semiconductor Technologies sales grew 13%, reflecting strong demand and favorable currencies, particularly in the Asia Pacific Region. Circuit Board Technologies sales increased 20% as compared to the same period last year, with solid growth in the Asia Pacific Region more than offsetting declines in North America. Packaging and Finishing Technologies sales rose 20% versus last year, primarily driven by strong growth in precious metal sales and in process sales. Adjusted pre-tax earnings for this segment of $107 million were up 11% from the second quarter of 2007, reflecting increased demand and favorable currencies, partially offset by higher metal costs and increased costs related to expansion efforts, including the new Asia Technical Center in Taiwan.\n\n\n

Growth in Asia is illustrated from this reporting at multiple levels of business - Opportunities are available for copper in a multitude of applications.

RUEIL-MALMAISON, FRANCE, August 15, 2008. Schneider Electric has signed a CAD 498 million definitive arrangement agreement with Xantrex Technology Inc for the acquisition of all common shares of Xantrex. Xantrex is said to be a top three global player in the solar and wind inverter market with strong growth potential. It also has a leadership position in the North America. Awaiting approval from Xantrex shareholders, the deal is expected to be closed by October 2008. Schneider Electric says it expects to realise significant synergies in acquiring Xantrex, leveraging the strengths of both companies. Xantrex provides experience in advanced power electronic technology for renewable energy, and dedicated solar and wind channel access. Schneider Electric boasts a wide international footprint with solution centres and leverage with APC in purchasing, technology and operations. Xantrex Chairman Mosaadiq Umedaly comments: "We think it is the best way to develop our business, taking advantage of our leading technology, products, market knowledge, and distribution channels together with Schneider Electric's global sales, service, supply chain, and solutions capabilities."

South African steel producer Highveld Steel & Vanadium on Friday announced that the disposal of vertically integrated assets Vanchem and its 50% stake in South Africa Japan Vanadium (SAJV), to Swiss firm Duferco Investment Partners, would be effective from August 29. The producer said in a statement to shareholders, that it had received approval from the European competition authorities, the South African competition authorities and the South African Reserve Bank, as well as the consent of the other shareholders of SAJV. The Competition Tribunal earlier this month announced that it had approved the sale of the assets, which formed part of the European competition regulatory body's conditions of the 2007 Highveld Steel acquisition by Evraz.

Tom Albanese took over last year as the head of one of the world's biggest mining groups. But after an aggressive start to his tenure with the $44bn acquisition of aluminium group Alcan, the 50-year-old chief executive found himself on the defensive after another mining heavyweight - Marius Kloppers of BHP Billiton - launched a $160bn hostile bid for Rio Tinto.