Inco’s sale of its alloys division to a U.S. manufacturer could net the nickel miner US$408 million.
Plans to sell Inco Alloys International to New Hartford, N.Y.-based Special Metals hinge on regulatory approval, which is expected in the next two months. Inco will use the proceeds to pay down its debt.
The sale comes as Inco shifts its focus more toward mineral production and away from the manufacture of alloys used in chemical processing, pollution control and the petroleum industry.
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