INDUSTRY NEWS Bradken Raising Capital to Fund Chinese, Domestic Growth
Bradken Ltd., Newcastle, Australia, has announced an initiative to raise $100 million to establish a metalcast- ing facility in Xuzhou, China, and fund two U.S. foundry expansions announced earlier this year. Te publicly traded company said
it will undertake a placement of ap- proximately 18.7 million new ordinary shares to raise up to $162 million. Bradken intends to use the proceeds to fund $100 million of growth capital, including launching the Chinese met- alcasting facility and expanding the
U.S. plants, $20 million to lower costs and improve margins and $38 million to continue doing business as usual. In February, Bradken announced
it would spend $18.1 million to expand the capabilities and capacity of its Amite, La., metalcasting facil- ity and $23 million to expand the casting and inspection areas of its Tacoma, Wash., plant. According to the terms of the
share-placement plan, Bradken said its eligible shareholders may subscribe for shares at the issue price, up to a value of $10,000. Te price of the shares issued is expected to be equal to the company’s existing ordinary shares. Bradken has requested a trad- ing halt to be placed on its shares until the placement has been com- pleted. Te company will not seek shareholder approval for the issue of new shares.
German Caster Friedrichshütte Installs Melt Shop Gray and ductile iron caster Fried-
richshütte GmbH, Laubach, Germany, has invested in a new electric melt shop to increase its melting capacity. Te order for the system was placed
in the fourth quarter of 2010, and the project was completed in June. Te company contracted with In- ductotherm, Rancocas, N.J., to supply two 6,614-lb. (3,000-kg) heavy steel shell furnaces and one 1,102-lb. (500- kg) steel shell furnace. Te company said the smaller furnace will be used for specialty alloys and give it an ad- vantage in exploiting new markets. In addition to the furnaces, a closed cooling circuit (air/water) was installed to capture heat losses and offer the capability of being connected to a heat recovery unit. Te system also includes fume hoods to save energy and purify the air quality on the melting platform. Friedrichshütte produces simple
and complex castings between several ounces and 45 lbs. (20 kg).
10 | MODERN CASTING July 2011
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