Alfa Closes Norsk Hydro Castings Acquisition

Mexican industrial conglomerate Alfa says it has closed its acquisition of the automotive castings business Hydro Castings from Norwegian oil and gas company Norsk Hydro. Alfa agreed, last November, to buy the business for $586 million. On Tuesday, Alfa announced plans to increase Nemak’s capital by $520 million through the issuance of new Nemak shares. The funds raised will go towards financing the Norsk Hydro deal.