Aluminium supplier Hulamin, whose customers include Tesla, has bought the rolling slab assets of its Isizinda joint venture for R68.5m to secure production at the Bayside facility in KwaZulu-Natal.
Hulamin, via a subsidiary, holds 38.74% in Isizinda Aluminium, with the bulk of the remaining shares being held by Bingelela Capital. Bingelela is exiting the rolling slab part of the business, but intends to produce other value-added products at the site, such as aluminium for vehicle wheels. Isizinda owns the Bayside casthouse, which includes a rolling slab casting operation in Richards Bay, KwaZulu-Natal. In addition, Hulamin’s subsidiary has employed the personnel engaged in the Slab Business and assumed responsibility for employee liabilities of R6.1m.Isizinda was created as a partnership between Hulamin and Bingelela to purchase the operation from BHP Billiton in 2015.
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